12-5250. Same; taxation within district; collection and distribution.
12-5250
12-5250. Same; taxation within district; collection
and distribution.
(a) All taxable tangible property located within a district
established in accordance with this act shall be assessed and taxed for ad
valorem tax purposes pursuant to law in the same manner that such property
would be assessed and taxed if located outside such district, and all ad
valorem taxes levied on such property shall be paid to and collected by the
county treasurer in the same manner as other taxes are paid and collected.
Except as otherwise provided in this section, the county treasurer shall
distribute such taxes as may be collected in the same manner as if such
property were located outside the district. Each district established under the
provisions of this act shall constitute a separate taxing unit for
the purpose of the computation and levy of taxes.
(b) Beginning with the first payment of taxes which are levied following the
date of the approval of any district in accordance with this act, and
amendments thereto, real property taxes received by the county treasurer
resulting from taxes which are levied subject to the provisions of this act by
and for the benefit of a taxing subdivision on property located within such
district constituting a separate taxing unit under the provisions of this
section, shall be divided as follows:
(1) From the taxes levied each year subject to the provisions of this act by
or for each taxing subdivisions upon property located within a district
constituting a separate taxing unit under the provisions of this act, the
county treasurer first shall allocate and pay to each such
taxing subdivision all of the real property taxes collected which are produced
from that portion of the current assessed valuation of such real property
located within such separate taxing unit which is equal to the total assessed
value of such real property on the date of the establishment of the district.
(2) Any real property taxes produced from that portion of the current
assessed valuation of real property within a district and constituting a
separate taxing unit under the provisions of this section in excess of an
amount equal to the total assessed value of such real property on the effective
date of the establishment of the district shall be allocated and paid by the
county treasurer to the treasurer as follows:
(A) In districts established by a city, the amount shall be paid to the
treasurer of the city and deposited in a special fund of the city to pay the
cost of housing projects in the district including the payment of principal of
and interest on any special obligation bonds issued by such city to finance, in
whole or in part, such housing project.
(B) In districts established by a county, the amount shall be deposited by
the county treasurer in a special fund of the county to pay the cost of housing
projects in the district including the payment of principal of and interest on
any special obligation bonds issued by such county to finance, in whole or in
part, such housing project.
If such special obligation bonds and interest thereon have been paid before the
completion of a project, the city or county may continue to use such moneys for
any purpose authorized by this act until such time as the project is completed,
but for not to exceed 15 years from the date of the establishment of the
district. When such special obligation bonds and interest thereon have been
paid and the project is completed, all moneys thereafter received from real
property taxes within such district shall be allocated and paid to the
respective taxing subdivisions in the same manner as are other ad valorem
taxes.
(c) Notwithstanding any other provision of law, it is hereby stated that is
an object of all ad valorem taxes levied by or for the benefit of any taxing
subdivision on taxable tangible real property located within any district
created pursuant to this act, that such taxes may be applied and allocated to
and when collected paid into a special fund of a city or county pursuant to the
procedures and limitations of this act to pay the cost of a project including
principal of and interest on special obligation bonds issued by such city or
county to finance, in whole or in part, such project.
History: L. 1998, ch. 66, § 10; July 1.