§ 48-105. Formula for calculation of assessment.

The assessment of benefits (according to the criteria) set forth in section 48-104 shall be made in accordance with the following formula so that each of the four (4) elements is given a weight of twenty-five (25) percent in each owner's assessment of benefits vis-a-vis other properties subject to assessment under this article. Each owner's assessment shall represent a portion of the total cost of the water extension in question.

(1)

Area of lot or parcel to be assessed divided by total area of lots, parcels or property subject to assessment hereunder and served by water from the project equals ..... _____;

(2)

Frontage of lot or parcel to be assessed divided by total frontage of parcels or lots or property subject to assessment and served by water from the project equals ..... _____;

(3)

Number of existing building units on lot or parcel to be assessed divided by total number of building units in area served by water from the project equals ..... _____;

(4)

Property value (latest grand list) for tax purposes of lot or parcel assessed divided by total property valuation (latest grand list) for tax purposes of all lots, parcels, buildings and improvements subject to assessment hereunder in area served by water from the project equals ..... _____;

(5)

Total of (1) through (4) inclusive above equals ..... _____;

(6)

The total sum derived from (5) above shall be divided by four (4) (or multiplied by 0.25) to arrive at a multiplier to determine each owner's assessment when said multiplier is multiplied against the total cost of the water extension in question.

(Code 1961, § 21-61; Ord. No. 238, § 1(o), 10-3-1978)