§ 58-509 — Property taxes; how treated

In each year after the determination of a redevelopment project valuation as outlined in section 58-508 , the county assessor and the county board of equalization of each affected county shall include no more than the redevelopment project valuation of the taxable real property and taxable personal property in the redevelopment project in the assessed valuation upon which is computed the rates of all taxes levied by any taxing body on such project. In each year for which the current assessed valuation on taxable real property and taxable personal property in the redevelopment project exceeds the redevelopment project valuation, the county treasurer shall remit to the contracting public body, instead of to any taxing body, that proportion of all property taxes on real property and personal property paid that year on the redevelopment project which such excess valuation bears to the current assessed valuation.

Legislative History

Source: Laws 1995, LB 830, § 9.