Sec. 21. (a) If a district is established, the county auditor in each county in which the district is located shall distribute to the development authority, or the redevelopment commission that would otherwise receive the incremental property tax revenues under IC 36-7-14 in the case of a cash participant county, the lesser of:

(1) the property tax increment revenue collected in the district in the amount specified by the development authority or redevelopment commission; or

Terms Used In Indiana Code 36-7.5-4.5-21

  • base assessed value: means :

    Indiana Code 36-7.5-4.5-1

  • cash participant: refers to a county or municipality that has adopted an ordinance or resolution under section 16 of this chapter specifying that the county or municipality has chosen to become a cash participant. See Indiana Code 36-7.5-4.5-2.5
  • district: refers to a transit development district established by the development authority under this chapter. See Indiana Code 36-7.5-4.5-6
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • property tax increment revenue: means the property taxes attributable to the assessed value of property located in a district in excess of the base assessed value. See Indiana Code 36-7.5-4.5-11
(2) all the property tax increment revenue collected in the district.

In the case of a district that is established in a cash participant county, the county auditor shall distribute any excess district property tax revenue increment to the political subdivisions that would otherwise receive the revenue under IC 36-7-14 as if the increment were attributable to the base assessed value of the allocation area within the district.

     (b) If a district established in a member county includes a tax area established under IC 36-7-14 before January 1, 2017, the development authority and the redevelopment commission receiving property tax revenues under IC 36-7-14 shall use their best efforts to come to an agreement on how much property tax increment revenue will be allocated between the development authority and the redevelopment commission, recognizing that any existing obligations of the redevelopment commission would have priority over any later obligations of the development authority. The county auditor shall distribute to the development authority the amount of property tax increment revenue that is allocated to the development authority.

     (c) The development authority shall deposit all property tax increment revenue received in the appropriate district account in the south shore improvement and development fund.

As added by P.L.248-2017, SEC.10.

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