§ 7-701. DEFINITIONS.  


Latest version.
  • (a) "Assessed value of fixed assets," as used in this article, shall be that amount determined by the Controller as the same amount as the County Assessor would assess such assets if such assets were not owned by a municipal utility.

    (b) "Municipal utility" means a municipally owned utility designed in Section 7-702 of this Code.

    (c) "Tax rate," as used in this article, means the average rate of the property tax levied upon real and personal property in the city in any fiscal year by all taxing jurisdictions. "Average rate," as used in this subsection, means the weighted average of the total rates levied in all tax areas, as established by the County Assessor within the city, having a total assessed value of one million dollars or more. (Added Ord. 67-40, 1967; Am. Ord. 75-53, § 1, eff. 7-1-75; Am. Ord. 82-135, § 1, eff. 1-21-83).