Terms Used In Utah Code 63N-3-611

• Housing and transit reinvestment zone: means a housing and transit reinvestment zone created pursuant to this part. See Utah Code 63N-3-602
• Municipality: means the same as that term is defined in Section 10-1-104. See Utah Code 63N-3-602
• Tax increment: means the difference between:
            (34)(a)(i) the amount of property tax revenue generated each tax year by a taxing entity from the area within a housing and transit reinvestment zone designated in the housing and transit reinvestment zone proposal as the area from which tax increment is to be collected, using the current assessed value and each taxing entity's current certified tax rate as defined in Section 59-2-924; and
            (34)(a)(ii) the amount of property tax revenue that would be generated from that same area using the base taxable value and each taxing entity's current certified tax rate as defined in Section 59-2-924. See Utah Code 63N-3-602