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Senate Bill 340

Introduced Senate Bill (S)

DIGEST

TIF district base assessed value. Provides that, in the case of assessed value increases attributable to the application of an abatement schedule that was adopted before the allocation area was established, the assessed value increases attributable to the application of the abatement schedule must be included in the base assessed value of the allocation area, and may not be included in the incremental assessed value of the allocation area. Provides that, in the case of assessed value increases attributable to the application of an abatement schedule that was adopted on or after the allocation area was established, assessed value increases TIF district base assessed value. Provides that, in the case of assessed value increases attributable to the application of an abatement schedule that was adopted before the allocation area was established, the assessed value increases attributable to the application of the abatement schedule must be included in the base assessed value of the allocation area, and may not be included in the incremental assessed value of the allocation area. Provides that, in the case of assessed value increases attributable to the application of an abatement schedule that was adopted on or after the allocation area was established, assessed value increases attributable to the application of an abatement schedule may be included in the incremental assessed value of the allocation area, but only to the extent that the assessed value increase is a direct result of funding or expenditures from the allocation area as determined by the fiscal body of the unit that established the redevelopment commission. Provides that the assessed value increases that are not allocated to the incremental assessed value of the allocation area must be included in the base assessed value of the allocation area. (Under current law, assessed value increases attributable to the application of an abatement schedule may not be include in the base assessed value of an allocation area regardless of when the abatement schedule was adopted.) ... View more