§46-111  Computation of tax increment. 

(a)  Upon or after creation of a tax increment district, the director of

finance of the county in which the district is situated shall certify the

assessment base of the tax increment district and shall certify in each year

thereafter the amount by which the assessment base has increased or decreased

as a result of a change in tax exempt status of property within the district,

or reduction or enlargement of the district.  The amount to be added to the

assessment base of the district as a result of previously tax exempt real

property within the district becoming taxable shall be equal to the assessed

value of the real property as most recently assessed or, if the assessment was

made more than one year prior to the date of transfer rendering the property

taxable, the value which shall be assessed by the director of finance at the

time of such transfer.  The amount to be added to the assessment base of the

district as a result of enlargements thereof shall be equal to the assessed

value of the additional real property as most recently certified by the

director of finance as of the date of modification of the tax increment

financing plan.  The amount to be subtracted from the assessment base of the

district as a result of previously taxable real property within the district

becoming tax exempt, or a reduction in the geographic area of the district,

shall be the amount of assessment base initially attributed to the property

becoming tax exempt or being removed from the district.

     If the assessed value of property located

within the tax increment district is reduced by reason of a court-ordered

abatement, stipulated agreement, or voluntary abatement made by the director of

finance, the reduction shall be applied to the assessment base of the district

when the property upon which the abatement is made has not been improved since

the date of creation of the district, and to the assessment increment of the

district in each year thereafter when the abatement relates to improvements made

after the date of creation.

     (b)  The director of finance shall certify the

amount of the assessment increment to the county and redevelopment agency each

year, together with the proportion that the assessment increment bears to the

total assessed value of the real property within the tax increment district for

that year. [L 1985, c 267, pt of §1]

 

Revision Note

 

  Subsection (a) designation added.