Payments in Lieu of Taxes definition
Examples of Payments in Lieu of Taxes in a sentence
Payments in Lieu of Taxes (PILOT) – payments made to local government(s) to compensate for some or all of the tax revenue lost as a result of tax-exempt ownership or use of land or property.
Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law.
The Company shall make the above- described Payments in Lieu of Taxes directly to the County in accordance with applicable law.
The Company intends to invest in Equipment, Improvements, and/or Real Property, which together comprise the Project and which are anticipated to create at least the Act Minimum Investment Requirement in eligible Economic Development Property investment subject to Payments in Lieu of Taxes in the County.
Step 3: Use a fixed millage rate equal to the millage rate in effect on June 30, 2012, which the Parties hereto believe to be 287.1 ▇▇▇▇▇, as Section 12- 44-50(A)(1)(d) of the Act provides, during the Exemption Period against the taxable value to determine the amount of the Payments in Lieu of Taxes due during the Exemption Period on the payment dates that the County prescribes for such payments or such longer period of years in which the Act permits the Company to make annual fee payments.