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$0.50 per $1,000.00 (3) Classification "C"—Rental of commercial real estate: For the first property location licensed, a basic rate of $60.00, subject to adjustment for inflation/deflation in accordance with section 21-120, plus: $0.65 per $1,000.00 For each additional property location licensed, a basic rate of $10.00, subject to adjustment for inflation/deflation in accordance with section 21-120, plus: $0.65 per $1,000.00 (4) Classification " Y—Home based businesses: for each separate place of business licensed, a basic rate of $15.00, subject to adjustment for inflation/deflation in accordance with section 21-120, plus: $0.65 per $1,000.00 Sec. 21-119.1 - Maximum Tax. The maximum annual business license tax payable for any single business license required to be obtained pursuant to the Chapter shall not exceed $100,000.00, which amount together with the basic rate amounts established under Section 21-119 shall be subject to annual adjustment in accordance with Section 21-120. Sec. 21-119.2. - Holding companies and pass -through entities —Minimum Tax amount. Whenever a business entity or other person functions as a holding company or pass - through entity and does not directly generate gross receipts within the city, but otherwise transacts and carries on business within the city, or maintains a business presence in the city, or is registered as a business entity with the California Secretary of State pursuant to the California Corporations Code as the same now exists or as may be hereafter amended from time -to -time with a designated or registered business entity address located in the city, then the business license tax liability of such business entity or person under Section 21-119 shall be limited to the minimum tax amount. Sec. 21-119.3. - Home -based businesses —Alternate tax (a) Persons liable under the terms of this Chapter for gross receipts business license taxes for business conducted from a home residence within the city and whose gross receipts therefrom do not exceed the annual amount specified in Section 21- 120h(1)(a) per year shall have the right to elect an alternate flat rate business license tax as set forth in Section 21-120h of this Chapter for home based businesses and home based occupations, in lieu of the gross receipts tax which would otherwise be applicable. Such election shall be made in writing at the time of applicant's original application for a Ordinance NS-3031 Page 6 of 15