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IN SB0340
Bill
AI Summary
Senate Bill 340 Summary
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Amends IC 36-7-14-39 to change how tax increment financing (TIF) districts treat assessed value increases from property tax abatement schedules adopted under IC 6-1.1-12.1.
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Requires assessed value increases from abatement schedules adopted before an allocation area was established to be included in the base assessed value, not the incremental assessed value.
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Allows assessed value increases from abatement schedules adopted on or after the allocation area was established to be included in incremental assessed value only if directly resulting from allocation area funding or expenditures, as determined by the fiscal body.
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Mandates that assessed value increases not allocated to incremental assessed value must be included in the base assessed value of the allocation area.
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Effective July 1, 2016; applies to assessment dates occurring after that date.
Legislative Description
TIF district base assessed value. Provides that, in the case of assessed value increases attributable to the application of an abatement schedule that was adopted before the allocation area was established, the assessed value increases attributable to the application of the abatement schedule must be included in the base assessed value of the allocation area, and may not be included in the incremental assessed value of the allocation area. Provides that, in the case of assessed value increases attributable to the application of an abatement schedule that was adopted on or after the allocation area was established, assessed value increases
Last Action
First reading: referred to Committee on Tax & Fiscal Policy
1/7/2016