Public Utility and Regulated Carrier Property Tax Adjustment Procedure For the Year for in (Company Name) (Taxing Unit) (County) I. Calculating Base Year Taxes: a. Base year total assessment: b. Base year millage rate prior to rollback: c. Base year taxes (line a x b); II. Calculating Current Year Taxes: a. Current year total assessment: b. Current year millage rate after rollback: c. Current year taxes (Line a x b); III. Property Tax Adjustment Time Frame: a. Base year: b. First five-year adjustment period: Adjustment Year Year Date 1 2 3 4 5 c. Second five-year adjustment period: Adjustment Year Year Date 6 7 8 9 10 1st Year After Base Year 2nd Year After Base Year 3rd Year After Base Year 4th Year After Base Year 5th Year After Base Year 6th Year After Base Year 7th Year After Base Year 8th Year After Base Year 9th Year After Base Year 10th Year After Base Year IV. Property Tax Calculations: a. First five-year adjustment period: 1. Are current year taxes from Item II greater than base year taxes from Item I? a
b
Yes. Then Current Year Taxes only are to be billed and the adjustment process is complete
No. Then Base Year Taxes only are to be billed
b. Second five-year adjustment period: 1. Are current year taxes (from Item II) greater than base year taxes (from Item I)? a
b
Yes. Then Current Year Taxes only are to be billed and the adjustment process is complete
No. Then complete the following adjustment process to calculate the adjusted tax due
2. Tax due adjustment procedure: Current Year Taxes Adj
Year 6 7 8 9 10 Base Year Taxes - - - - - - x x x x x x Adjust
Factor .80 .60 .40 .20 Ø + + + + + + Current Year Taxes = = = = = = Adjusted Tax Due
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