This office lease clause is used to respond to various changes that might occur within the tenant's office building or shopping center.
Alaska Measurement Representations and Proportionate Share Adjustment of Tenants Proportionate Tax Share: A Detailed Description Introduction: Alaska Measurement Representations and Proportionate Share Adjustment of Tenants Proportionate Tax Share (ADAPTS) refers to the methodology used in Alaska to measure and allocate the proportionate tax share among tenants in commercial real estate properties. This system ensures fair and correct distribution of property tax liability based on various factors, including the size of the leased area and any applicable adjustments. Types of Alaska Measurement Representations and Proportionate Share Adjustment of Tenants Proportionate Tax Share: 1. Gross Leasable Area (GLA) Measurement: GLA measurement is one of the key components of ADAPTS. This measurement represents the total leasable area of a commercial property, including all occupied spaces such as retail units, offices, and common areas. GLA measurement is crucial for determining the proportionate tax share allocation among tenants. 2. Rentable Area Measurement: Rentable area measurement accounts for the area that tenants actually occupy, including their leased spaces and any shared common areas. This measurement excludes non-leasable areas such as stairwells, elevator shafts, and utility rooms. The rentable area is an essential factor in calculating the proportionate tax share for each tenant. 3. Proportionate Share Adjustment: The proportionate share adjustment takes into account various factors that might influence the fair allocation of tax liability among tenants. These adjustments consider differences in the quality, desirability, or location within a property. Examples of factors that might warrant adjustments include visibility, accessibility, or the types of amenities available to specific tenants. 4. Tenants Proportionate Tax Share: The tenants' proportionate tax share refers to the portion of the property tax burden that each tenant is responsible for. ADAPTS calculates this share based on the tenant's leased area compared to the total GLA or rentable area, considering applicable proportionate share adjustments. The result is an equitable distribution of the property tax burden among the tenants. Keywords: Alaska Measurement Representations, Proportionate Share Adjustment, Tenants Proportionate Tax Share, commercial real estate, property tax liability, GLA measurement, gross leasable area, rentable area measurement, proportionate share adjustment, fair distribution, tax burden, equitable. In summary, ADAPTS plays a vital role in allocating the proportionate tax share among tenants in Alaska's commercial real estate properties. By considering factors such as GLA measurement, rentable area measurement, and proportionate share adjustments, this system ensures a fair distribution of the property tax burden, promoting equity and accuracy in tax allocation.Alaska Measurement Representations and Proportionate Share Adjustment of Tenants Proportionate Tax Share: A Detailed Description Introduction: Alaska Measurement Representations and Proportionate Share Adjustment of Tenants Proportionate Tax Share (ADAPTS) refers to the methodology used in Alaska to measure and allocate the proportionate tax share among tenants in commercial real estate properties. This system ensures fair and correct distribution of property tax liability based on various factors, including the size of the leased area and any applicable adjustments. Types of Alaska Measurement Representations and Proportionate Share Adjustment of Tenants Proportionate Tax Share: 1. Gross Leasable Area (GLA) Measurement: GLA measurement is one of the key components of ADAPTS. This measurement represents the total leasable area of a commercial property, including all occupied spaces such as retail units, offices, and common areas. GLA measurement is crucial for determining the proportionate tax share allocation among tenants. 2. Rentable Area Measurement: Rentable area measurement accounts for the area that tenants actually occupy, including their leased spaces and any shared common areas. This measurement excludes non-leasable areas such as stairwells, elevator shafts, and utility rooms. The rentable area is an essential factor in calculating the proportionate tax share for each tenant. 3. Proportionate Share Adjustment: The proportionate share adjustment takes into account various factors that might influence the fair allocation of tax liability among tenants. These adjustments consider differences in the quality, desirability, or location within a property. Examples of factors that might warrant adjustments include visibility, accessibility, or the types of amenities available to specific tenants. 4. Tenants Proportionate Tax Share: The tenants' proportionate tax share refers to the portion of the property tax burden that each tenant is responsible for. ADAPTS calculates this share based on the tenant's leased area compared to the total GLA or rentable area, considering applicable proportionate share adjustments. The result is an equitable distribution of the property tax burden among the tenants. Keywords: Alaska Measurement Representations, Proportionate Share Adjustment, Tenants Proportionate Tax Share, commercial real estate, property tax liability, GLA measurement, gross leasable area, rentable area measurement, proportionate share adjustment, fair distribution, tax burden, equitable. In summary, ADAPTS plays a vital role in allocating the proportionate tax share among tenants in Alaska's commercial real estate properties. By considering factors such as GLA measurement, rentable area measurement, and proportionate share adjustments, this system ensures a fair distribution of the property tax burden, promoting equity and accuracy in tax allocation.
