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Table VIII - 10 <br /> Vacant Land Value Percentage( ' ) <br /> Hbs <br /> Unincorporated County Vacant Land Value $732 , 6175920 <br /> Unincorporated County Total Property Value(2) $6559693519608 <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) 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 /> February 2005 VIII- 12 Impact Fee Study <br />