12-17,125. Same; taxation of real property approved for tax benefits; rebate of property tax increments to taxpayers.
12-17,125
12-17,125. Same; taxation of real property approved
for tax benefits; rebate of property tax increments to taxpayers.
Real property that has been approved for downtown
redevelopment tax benefits pursuant to
K.S.A. 2009 Supp.
12-17,124, and
amendments thereto,
shall
be assessed and taxed for real property tax purposes pursuant to law in the
same manner that such property would be assessed and taxed if it had not been
approved for downtown redevelopment tax benefits. The tax increment generated
by
the improvement shall be
credited to the fund created by a governing body of a city or an
unincorporated area of a county for the purpose of returning all or part of
the
property tax increment to the taxpayer in the form of a rebate of 100% each
year in years one through five, 80% in year six, 60% in year seven, 40% in year
eight 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 days
after the next distribution date as specified in K.S.A. 12-1678a, and
amendments thereto.
History: L. 2004, ch. 112, § 85;
L. 2005, ch. 80, § 6; Apr. 14.