Idaho Code 50-2902 – Findings and Purpose
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 50-2902
- Arrest: Taking physical custody of a person by lawful authority.
- Property: includes both real and personal property. See Idaho Code 73-114
- Revenue allocation area: means that portion of an urban renewal area or competitively disadvantaged border community area where the equalized assessed valuation (as shown by the taxable property assessment rolls) of which the local governing body has determined, on and as a part of an urban renewal plan, is likely to increase as a result of the initiation of an urban renewal project or competitively disadvantaged border community area. See Idaho Code 50-2903
- Taxable property: means taxable real property, personal property, operating property, or any other tangible or intangible property included on the equalized assessment rolls. See Idaho Code 50-2903
- taxes: means all property tax levies upon taxable property. See Idaho Code 50-2903
- this act: means this revenue allocation act. See Idaho Code 50-2903
It is hereby found and declared that there exists in municipalities a need to raise revenue to finance the economic growth and development of urban renewal areas and competitively disadvantaged border community areas. The purpose of this act is to provide for the allocation of a portion of the property taxes levied against taxable property located in a revenue allocation area for a limited period of time to assist in the financing of urban renewal plans, to encourage private development in urban renewal areas and competitively disadvantaged border community areas, to prevent or arrest the decay of urban areas due to the inability of existing financing methods to promote needed public improvements, to encourage taxing districts to cooperate in the allocation of future tax revenues arising in urban areas and competitively disadvantaged border community areas in order to facilitate the long-term growth of their common tax base, and to encourage private investment within urban areas and competitively disadvantaged border community areas. The foregoing purposes are hereby declared to be valid public purposes for municipalities.