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Table VII - 12 <br /> Percent of Past Property Tax Payments on Vacant Land ( ' ) <br /> Land Taxable Value ' <br /> County Vacant Land Value ( less Indian River Shores) $ 9525101 , 560 <br /> Countywide Total Property Value (less Indian River Shores)(2) $ 10 , 03955359106 <br /> Vacant Land Value as a Percentage of Total Property Value(3 ) 9 . 48 % <br /> Percent of Capital Expansion Projects Funded with General Fund(4) 5 . 07 % <br /> Effective Vacant Land Value Percentage(5) 0 . 48 % <br /> ( 1 ) Source : Property Appraiser, IRC <br /> ( 2 ) Includes structures . <br /> ( 3 ) Vacant Land Percent = $952 , 101 , 560/$ 10 , 039 , 535 , 106 <br /> (4 ) Source : Table VII - 10 . Percent of five-year historical general fund revenue for expansion <br /> projects divided by total five-year historical revenue for capital expansion projects . <br /> ( 5 ) Vacant land value as a percentage of total property value (Item 3 ) multiplied by the percent of <br /> capital expansion projects funded with general fund (Item 4 ) . <br /> Existing Deficiencies <br /> Since the current LOS will become the adopted LOS standard , there are no existing <br /> deficiencies of Fire/EMS facilities . While there are no existing deficiencies , adopting the <br /> existing LOS as the standard does , in fact, create the need to expand facilities in the near <br /> future to meet the needs of new growth . <br /> Net Fire/ EMS Impact Cost <br /> The net impact fee per functional resident is the difference between the cost component <br /> and the credit component . Table VII - 13 summarizes the calculation of the net Fire/EMS <br /> impact cost per functional resident . <br /> The first section of Table VII - 13 identifies the facility impact cost per functional resident <br /> as $ 255 . The second section of the table identifies the revenue credits for the Fire/EMS <br /> impact fee . The credit calculation includes the present value of projected annual capital <br /> funding per functional resident of $ 78 , as well as a credit of $ 1 . 23 for past property tax <br /> payments on vacant land . The addition of these two credits results in a total revenue <br /> credit of $ 79 per functional resident . <br /> The net impact cost per functional resident (third section of the table ) is the difference <br /> between the total impact cost per functional resident and the total revenue credit . This <br /> results in a net impact cost of $ 176 per functional resident . <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> May 2005 VII - 14 Impact Fee Study <br />