12-17,125.   Same; taxation of real property approvedfor tax benefits; rebate of property tax increments to taxpayers.Real property that has been approved for downtownredevelopment tax benefits pursuant toK.S.A. 2009 Supp.12-17,124, andamendments thereto,shallbe assessed and taxed for real property tax purposes pursuant to law in thesame manner that such property would be assessed and taxed if it had not beenapproved for downtown redevelopment tax benefits. The tax increment generatedbythe improvement shall becredited to the fund created by a governing body of a city or anunincorporated area of a county for the purpose of returning all or part oftheproperty tax increment to the taxpayer in the form of a rebate of 100% eachyear in years one through five, 80% in year six, 60% in year seven, 40% in yeareight and 20% in year nine. No rebate shall be paid on or after the tenth year.Upon payment of taxes by the taxpayer, the rebate must be made within 30 daysafter the next distribution date as specified in K.S.A. 12-1678a, andamendments thereto.

      History:   L. 2004, ch. 112, § 85;L. 2005, ch. 80, § 6; Apr. 14.