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Table VIII - 10 <br /> Vacant Land Value Percentagel ' I <br /> Land Taxable Value <br /> Unincorporated County Vacant Land Value $ 732 , 6175920 <br /> Unincorporated County Total Property Value(2 ) $ 63596 , 3519608 <br /> Vacant Land Value as a Percentage of the Total <br /> Property Value(3 ) 11 . 11 % <br /> Percent of Capital Expansion Expenditures <br /> Funded with Ad Valorem Tax Revenues(4 ) 76 % <br /> Effective Vacant Land Value Percentage(5) 1 8 . 44 % <br /> ( 1 ) Source : Property Appraiser, IRC <br /> (2 ) Includes structures . <br /> ( 3 ) Vacant Land Percent = $732 , 617 , 920/$ 6 , 596 , 351 ,608 <br /> (4 ) Source : Table VIII - 8 <br /> ( 5 ) Vacant land value as a percentage of total property value ( Item 3 ) multiplied by <br /> percent of capital expansion expenditures funded with ad valorem tax <br /> revenues ( Item 4 ) . <br /> The credit per functional resident is presented in Table VIII - 11 , and it is equal to the <br /> addition of the present value of the revenue per functional resident generated by <br /> expansion of the law enforcement program and the vacant land credit . The vacant land <br /> credit, or credit for past property taxes , is calculated by multiplying the effective vacant <br /> land value percentage by the facility cost per functional resident . <br /> (This space intentionally left blank) <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> May 2005 VIII - 12 Impact Fee Study <br />