Terms Used In Utah Code 17C-1-413

• Base taxable value: means , unless otherwise adjusted in accordance with provisions of this title, a property's taxable value as shown upon the assessment roll last equalized during the base year. See Utah Code 17C-1-102
• Project area: means the geographic area described in a project area plan within which the project area development described in the project area plan takes place or is proposed to take place. See Utah Code 17C-1-102
• Tax increment: means the difference between:

  (i)

  the amount of property tax revenue generated each tax year by a taxing entity from the area within a project area designated in the project area plan as the area from which tax increment is to be collected, using the current assessed value of the property and each taxing entity's current certified tax rate as defined in Section 59-2-924; and

  (ii)

  the amount of property tax revenue that would be generated from that same area using the base taxable value of the property and each taxing entity's current certified tax rate as defined in Section 59-2-924. See Utah Code 17C-1-102 Taxable value: means : (a)  the taxable value of all real property a county assessor assesses in accordance with 3, for the current year; (b)  the taxable value of all real and personal property the commission assesses in accordance with 2, for the current year; and (c)  the year end taxable value of all personal property a county assessor assesses in accordance with 3, contained on the prior year's tax rolls of the taxing entity. See Utah Code 17C-1-102 Taxing entity: means a public entity that: (a)  levies a tax on property located within a project area; or (b)  imposes a sales and use tax under Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 17C-1-102 17C-1-413.  Base taxable value for new tax.      For purposes of calculating tax increment with respect to a tax that a taxing entity levies for the first time after the effective date of a project area plan, the base taxable value shall be used, subject to any adjustments under Section 17C-1-408. Amended by Chapter 350, 2016 General Session   Previous section Next section    Part 4 Contents