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RESOLUTION NO. 95-138 <br />A RESOLUTION OF INDIAN RIVER COUNTY, <br />FLORIDA, SUPPORTING PARTIAL -YEAR AD VALOREM <br />ASSESSMENTS <br />WHEREAS, property taxes are the primary source of revenue <br />for public education (K-12) and public safety, including fire <br />protection, law enforcement and corrections; and <br />WHEREAS, local governments lose millions of dollars each <br />year because structures are taxed as of January 1, and not from <br />the date of completion or date of occupancy, which, in some <br />cases, allows no ad valorem taxes to be paid on a structure for <br />up to 28 months, while at the same time the property owner is <br />receiving municipal or county services; and <br />WHEREAS, this tax-free period causes other taxpayers in the <br />community to subsidize new development, with some estimates <br />indicating that property owners annually provide over $60 million <br />in property tax subsidies to new development (FY91 - $93 million; <br />FY 92 - $63 million; FY 93 - $80 million); and <br />WHEREAS, equitable partial -year assessments ensure the link <br />between changes in the property value and the tax levy during <br />each year; and will ensure monies to provide law enforcement for <br />new development; and <br />WHEREAS, we believe growth must pay for itself. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that the Board <br />strongly supports the concept of equitable partial -year <br />assessments of ad valorem taxes on property for the portion of a <br />year in which new construction is completed. <br />