Calculation of Annual Payment in Lieu of Tax. The calculation of the annual PILOT Payments shall be made as follows: (i) The Total Value Subject to PILOT shall be multiplied by the equalization rate as defined in if3(c) hereof; and (ii) The annual PILOT Payment shall be determined by multiplying the amount derived in if3(b)(i) hereof by the tax rates identified in if3(d) hereof.
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Sources: Payment in Lieu of Tax Agreement
Calculation of Annual Payment in Lieu of Tax. The calculation of the annual PILOT Payments shall be made as follows:
(i) The Total Value Subject to PILOT shall be multiplied by the equalization rate as defined in if3(c2(c) hereof; and
(ii) The annual PILOT Payment shall be determined by multiplying the amount derived in if3(b)(i2b(i) hereof by the tax rates identified in if3(d2(d) hereof.
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Sources: Payment in Lieu of Tax Agreement