HB 7361 Summary

• Municipal legislative bodies must consider whether a proposed tax increment district contributes to economic growth, well-being, or health/safety of the municipality before establishment and must transmit the master plan to the planning commission for written advisory opinion within at least 90 days.

• Municipalities must hold at least one public hearing with notice published 10 days prior in a newspaper of general circulation, including the hearing details and proposed district boundaries by legal description.

• A portion of district property must meet at least one criterion: be substandard/blighted, need rehabilitation/redevelopment, or be suitable for industrial, commercial, residential, mixed-use, retail, downtown, or transit-oriented development.

• The combined original assessed value of a proposed tax increment district plus all existing districts cannot exceed 10 percent of total taxable property value as of October 1 of the preceding year, with an exception for single-taxpayer contiguous properties established on or after October 1, 2015.

• District master plans must include boundaries, tax identification numbers, present conditions, public facilities, financial plans, maintenance plans, and cannot exceed a maximum duration of 50 tax years; plans must be reviewed at least once every 10 years to remain in effect.