§46-111  Computation of tax increment. (a)  Upon or after creation of a tax increment district, the director offinance of the county in which the district is situated shall certify theassessment base of the tax increment district and shall certify in each yearthereafter the amount by which the assessment base has increased or decreasedas 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 theassessment base of the district as a result of previously tax exempt realproperty within the district becoming taxable shall be equal to the assessedvalue of the real property as most recently assessed or, if the assessment wasmade more than one year prior to the date of transfer rendering the propertytaxable, the value which shall be assessed by the director of finance at thetime of such transfer.  The amount to be added to the assessment base of thedistrict as a result of enlargements thereof shall be equal to the assessedvalue of the additional real property as most recently certified by thedirector of finance as of the date of modification of the tax incrementfinancing plan.  The amount to be subtracted from the assessment base of thedistrict as a result of previously taxable real property within the districtbecoming tax exempt, or a reduction in the geographic area of the district,shall be the amount of assessment base initially attributed to the propertybecoming tax exempt or being removed from the district.

If the assessed value of property locatedwithin the tax increment district is reduced by reason of a court-orderedabatement, stipulated agreement, or voluntary abatement made by the director offinance, the reduction shall be applied to the assessment base of the districtwhen the property upon which the abatement is made has not been improved sincethe date of creation of the district, and to the assessment increment of thedistrict in each year thereafter when the abatement relates to improvements madeafter the date of creation.

(b)  The director of finance shall certify theamount of the assessment increment to the county and redevelopment agency eachyear, together with the proportion that the assessment increment bears to thetotal assessed value of the real property within the tax increment district forthat year. [L 1985, c 267, pt of §1]

 

Revision Note

 

  Subsection (a) designation added.