Tax increment replacement amount; calculation
Sec. 11. (a) Not later than September 1 of a year in which a
general reassessment does not become effective, the governing body
shall estimate the tax increment replacement amount for each
allocation area under the jurisdiction of the governing body for the
next calendar year. In a year in which a general reassessment
becomes effective, the department of local government finance may
extend the deadline under this subsection by giving written notice to
the governing body before the deadline.
(b) The tax increment replacement amount is the amount
determined in STEP THREE of the following formula:
STEP ONE: The governing body shall estimate the amount of
tax increment revenues it would receive in the next calendar
year if the property tax replacement credits payable with respect
to the general fund levies imposed by all school corporations
with jurisdiction in the allocation area were determined under
IC 6-1.1-21 as in effect on January 1, 2001.
STEP TWO: The governing body shall estimate the amount of
tax increment revenues it will receive in the next calendar year
after implementation of the increase in the property tax credits
payable under IC 6-1.1-21, as amended by the general assembly
in 2002, with respect to general fund levies imposed by all
school corporations with jurisdiction in the allocation area.
STEP THREE: Subtract the STEP TWO amount from the STEP
ONE amount.
As added by P.L.192-2002(ss), SEC.44. Amended by P.L.256-2003,
SEC.25.
Last modified: May 28, 2006