There is established an optional regional property tax base revenue sharing system. To establish such revenue sharing system within a planning region the members of its regional council of governments must unanimously vote to participate therein. On and after January 1, 2017, the tax collector of each municipality within a planning region participating in such revenue sharing system shall remit its municipal contribution to the area-wide tax base, not later than February first, annually, to the administrative auditor for the planning region in which such municipality is located. The administrative auditor shall distribute such revenue to each municipality within the planning region pursuant to section 12-62y.