Indiana Code 6-1.1-21.2-16. Adjustment for tax benefit
Current as of: 2023 | Check for updates
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Sec. 16. (a) This section applies if the tax increment replacement amount for an allocation area in a district is less than zero (0).
(b) The governing body of a district shall increase the base assessed value of property in the allocation area to an amount sufficient so that the tax increment replacement amount is equal to zero (0).
As added by P.L.146-2008, SEC.241.
Terms Used In Indiana Code 6-1.1-21.2-16
- allocation area: refers to an area that is established under the authority of any of the following statutes and in which tax increment revenues are collected:
Indiana Code 6-1.1-21.2-3
- base assessed value: means the base assessed value as that term is defined or used in:
Indiana Code 6-1.1-21.2-4
- district: refers to the following:
Indiana Code 6-1.1-21.2-5
- governing body: means the following:
Indiana Code 6-1.1-21.2-6
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- tax increment replacement amount: means the tax increment replacement amount determined under section 11 of this chapter. See Indiana Code 6-1.1-21.2-9