§ 2-29-133. Amount of deferral.

(a)

As used in this section, the following terms shall have the meaning set forth below:

(1)

Base year means the property appraiser's value of the parcel of real property for the tax year 2002.

(2)

Adjusted base year means an increase in value on the parcel of real property in each year since the base year in the lesser of an amount equal to five (5) per cent per year or the actual increase.

(b)

The amount of the deferral shall be up to the full value of ad valorem taxes that would otherwise be due Manatee County minus the amount that would be due based upon the property appraiser's adjusted base year, not to exceed the maximum allowed by F.S. Ch. 197.

(Ord. No. 06-73, § 3, 10-10-06)