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It should be noted that it is the County ' s intent to use impact fee revenues as the primary <br /> funding source for future capital expansion needs of libraries and to maintain or reduce <br /> the average annual dollar amount from non - impact fee revenue sources shown in this <br /> study toward capital expansion needs . In other words , the County intends to use non - <br /> impact fee revenue sources as the primary funding source for capital replacement, <br /> operations , and maintenance expenses . As such , credit calculations for optional sales tax <br /> and ad valorem tax do not include an escalation factor . <br /> Vacant Land <br /> According to the Office of Management and Budget, the use of ad valorem taxes toward <br /> library capital expansion is limited and typically is directed to the replacement and <br /> possibly the addition of equipment . To be conservative , however, credit for past <br /> payments of property taxes for vacant land is given . Here, the ratio of total vacant land <br /> (residential , commercial , and industrial) to total taxable value is reviewed to develop the <br /> percentage of countywide vacant land taxable value to the total countywide taxable <br /> property value . <br /> Table VI - 15 <br /> Vacant Land Value Percentage ( ' ) <br /> Land Taxable Value <br /> Vacant Land Value $ 13080 , 8199230 <br /> Countywide Total Property Value(2 ) $ 12518152505689 <br /> Vacant Land Value as a Percentage of the <br /> Total Property Value(3 ) 8 . 87% <br /> Percent of Capital Expansion Expenditures <br /> Funded with General Fund ') 0 . 18 % <br /> Effective Vacant Land Value Percentage(5 ) 1 0 . 02 % <br /> ( 1 ) Source : Property Appraiser, IRC <br /> (2 ) Includes structures . <br /> ( 3 ) Vacant Land Percent = $ 1 ,080 , 819 ,230/$ 12 , 181 , 250 , 689 <br /> (4 ) Source : Table VI- 14 <br /> ( 5 ) Vacant land value as a percentage of the total property value <br /> ( Item 3 ) multiplied by percent of expenditures covered with <br /> ad valorem taxes (Item 4 ) . <br /> According to the information presented in Table VI - 15 , the countywide vacant land <br /> assessment accounts for 8 . 87 percent of total taxable value . Given that ad valorem tax <br /> revenues were used to pay for 0 . 18 percent of the capital expansion expenditures between <br /> Fiscal Years 98/99 and 07/08 , the total credit amount for ad valorem taxes paid on <br /> vacant land is determined by multiplying the percentage of vacant land value ( 8 . 87 <br /> percent) by the percentage of capital expansion expenditures paid with ad valorem taxes <br /> (0 . 18 percent) and applying the resulting percentage (0 . 02 percent) against the total <br /> library facilities impact cost per resident . <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> May 2005 VI - 16 Impact Fee Study <br />