§ 11-9-24 — Annual notice by department of assessed value of real property and tax increment base--Change in laws not to result in lower assessed values--Conditions.

The department shall annually give notice to the auditor or finance officer of all governmental entities having the power to levy taxes on real property within a district of both the assessed value of the real property and the assessed value of the tax increment base. The notice shall also explain that the taxes collected in excess of the base will be paid to the municipality as provided in § 11-9-28 . No change in the laws of this state affecting taxation of real property may result in a lower assessed value of the real property and the assessed value of the tax increment base if the district is in force and until bonds issued pursuant to this chapter are retired.

Legislative History

SL 1978, ch 91, § 15; SL 1989, ch 125, § 1; SL 2003, ch 272 (Ex. Ord. 03-1), § 82; SL 2011, ch 1 (Ex. Ord.