§ 30-A §5227 — Tax increment financing

1.
Designation of captured assessed value.
A municipality or plantation may retain all or part of the tax increment revenues generated from the increased assessed value of a tax increment financing district for the purpose of financing the development program. The amount of tax increment revenues to be retained is determined by designating the captured assessed value. When a development program for a tax increment financing district is adopted, the municipal or plantation legislative body shall adopt a statement of the percentage of increased assessed value to be retained as captured assessed value in accordance with the development program. The statement of percentage may establish a specific percentage or percentages or may describe a method or formula for determination of the percentage. The municipal assessor or plantation assessor shall certify the amount of the captured assessed value to the municipality or plantation each year.
2.
Certification of assessed value.
On or after formation of a tax increment financing district, the assessor of the municipality or plantation in which it is located shall certify the original assessed value of the taxable property within the boundaries of the tax increment financing district. Each year after the designation of a tax increment financing district, the municipal assessor or plantation assessor shall certify the amount by which the assessed value has increased or decreased from the original value.
3.
Development program fund; tax increment revenues.
If a municipality or plantation has designated captured assessed value under subsection 1, the municipality or plantation shall:
4.
Remaining funds.
This subsection governs remaining tax increment funds.

Legislative History

PL 2001, c. 669, §1 (NEW). PL 2011, c. 101, §20 (AMD). PL 2019, c. 607, Pt. A, §1 (AMD). PL 2023, c. 203, §1 (AMD).