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(Added by Ord. No. 168,368, Eff. 12/4/92.)
(a) The tax imposed on each parcel, improvement to property, and use of property shall be computed for each parcel by applying a rate to the gross square footage area of any improvements on the parcel. If there are no improvements on a parcel, the tax shall be computed by applying the rate established for improvements to 500 square feet regardless of the size of the parcel. For a period of not more than 20 fiscal years, commencing with fiscal year 1993-94 and continuing through fiscal year 2012-13, the City Council, by ordinance, shall impose a rate applicable to unimproved parcels and, for each parcel upon which there is an improvement to property, shall impose a rate applicable to the gross square footage area of such improvements, regardless of the use of the parcel or improvements. The rate shall be established to provide revenue for each fiscal year sufficient to make the payments estimated to be needed, or to fund amounts to be set aside, for the purposes enumerated in Section 21.16.4 hereof prior to receipt of tax revenues derived from the tax to be imposed in the subsequent fiscal year, and in setting the rate, the City Council shall take into account possible delinquencies in payments, so that the amount expected to be collected, net of delinquencies, will be sufficient to make the estimated needed payments.
(b) Commencing with the 1993-94 fiscal year, and for each of the succeeding fiscal years during which the special tax may be imposed, the maximum tax rate for the improvements on a parcel shall be $1.75 per one hundred gross square feet of improvement area or fraction thereof.
(c) For any fiscal year the City may, by ordinance, adjust the tax rate below the maximum amount. Such a reduction shall not prevent a subsequent levy of taxes for any succeeding fiscal year up to the limits set forth in this Section 21.16.6; however, in no case shall the amount of the tax rate to be levied exceed the maximum amount established by this article without the approval of the voters by two-thirds of the votes cast by voters voting upon such change in the tax rate maximum.