251.627. County clerk to annually ascertain amount of value of taxable property in the district.
County clerk to annually ascertain amount of value of taxable propertyin the district.
251.627. In each of the twenty-five calendar years following theadoption of a resolution adopting incremental tax financing for a regionaleconomic development project area, unless and until incremental taxfinancing for such regional economic development project area is terminatedby resolution of the regional economic development district board, then, inrespect to every taxing district containing such regional economicdevelopment project area the county clerk or any other official required bylaw to ascertain the amount of the equalized assessed value of all taxableproperty within such regional economic development project area for thepurpose of computing any debt service levies to be extended upon taxableproperty within such regional economic development project area shall inevery year that incremental tax financing is in effect ascertain the amountof value of taxable property in such regional economic development projectarea by including in such amount the certified total initial equalizedassessed value of all taxable real property in such regional economicdevelopment project area in lieu of the equalized assessed value of alltaxable real property in such regional economic development project area.For the purpose of measuring the size of payments in lieu of taxes underthe regional economic development district law, all tax levies shall thenbe extended to the current equalized assessed value of all property in theregional economic development project area in the same manner as the taxrate percentage is extended to all other taxable property in the taxingdistrict.
(L. 2007 H.B. 741)