A. The property tax increment method shall be applicable only to the units of government participating in property tax revenue derived from the properties within the district.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

B. A local government shall request an approval for up to a twenty-year period for property included in the tax increment funding. The governor or the governor’s authorized representative shall approve, partially approve or disapprove the use of the method for state government; the governing body of each other participating unit shall approve, partially approve or disapprove by ordinance or resolution the use of the method for its respective units.

C. At the request of a participating unit of government, made within ten days of receipt of the request by the local government, the local government shall make a presentation to the governor or the governor’s authorized representative and to the governing bodies of all participating units of government, which presentation shall include a description of the metropolitan redevelopment project and the parcels in the project to which the tax increment method will apply and an estimate of the general effect of the project and the application of the tax increment method on property values and tax revenues. All participating units shall notify the local government seeking approval within thirty days of receipt of the local government’s request. At the expiration of that time, the alternative method of financing set forth in this section shall be effective for a period of up to twenty tax years.