Sec. 11. (a) The governing body shall estimate the tax increment replacement amount for each allocation area under the jurisdiction of the governing body for the next calendar year on the schedule prescribed by the department of local government finance.

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Terms Used In Indiana Code 6-1.1-21.2-11

  • allocation area: refers to an area that is established under the authority of any of the following statutes and in which tax increment revenues are collected:

    Indiana Code 6-1.1-21.2-3

  • governing body: means the following:

    Indiana Code 6-1.1-21.2-6

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • tax increment replacement amount: means the tax increment replacement amount determined under section 11 of this chapter. See Indiana Code 6-1.1-21.2-9
  • tax increment revenues: means the property taxes attributable to the assessed value of property in excess of the base assessed value. See Indiana Code 6-1.1-21.2-10
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) The tax increment replacement amount is the greater of zero (0) or the net amount by which:

(1) laws enacted by the general assembly; and

(2) actions taken by the department of local government finance;

after the establishment of the allocation area have decreased the tax increment revenues of the allocation area for the next calendar year (after adjusting for any increases resulting from laws or actions of the department of local government finance) below the sum of the amount needed to make all payments that are due in the next calendar year on obligations payable from tax increment revenues and to maintain any tax increment revenue to obligation payment ratio required by an agreement on which any of the obligations are based.

As added by P.L.192-2002(ss), SEC.44. Amended by P.L.256-2003, SEC.25; P.L.146-2008, SEC.238.

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