(a)Any urban renewal plan may contain a provision that
taxes, if any, levied upon taxable property in an urban renewal
project each year by or for the benefit of a municipality in the
state shall be divided as follows:
(i)That portion of the taxes which would be produced
by the rate upon which the tax is levied each year by or for
each of the taxing agencies upon the total sum of the assessed
value of the taxable property in the urban renewal project as
shown upon the assessment roll used in connection with the
taxation of the property by the taxing agency, last equalized
prior to the effective date of the urban renewal project shall
be allocated to and, when collected, paid into the funds of the
respective taxing agencies as taxes by or for those taxing
agencies on all other property ar
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(a) Any urban renewal plan may contain a provision that
taxes, if any, levied upon taxable property in an urban renewal
project each year by or for the benefit of a municipality in the
state shall be divided as follows:
(i) That portion of the taxes which would be produced
by the rate upon which the tax is levied each year by or for
each of the taxing agencies upon the total sum of the assessed
value of the taxable property in the urban renewal project as
shown upon the assessment roll used in connection with the
taxation of the property by the taxing agency, last equalized
prior to the effective date of the urban renewal project shall
be allocated to and, when collected, paid into the funds of the
respective taxing agencies as taxes by or for those taxing
agencies on all other property are paid (for the purpose of
allocating taxes by or for any taxing agency which did not
include the territory in the urban renewal project on the
effective date of the project but which territory had been
annexed or otherwise included after the effective date, the
assessment of the county last equalized on the project shall be
used in determining the assessed valuation on the taxable
property in the project on the effective date); and
(ii) That portion of the levied taxes each year in
excess of the amount specified in paragraph (a)(i) of this
section shall be allocated to and, when collected, paid into a
special fund of the participating municipality or urban renewal
agency to pay the principal and interest on loaned money
advanced to, or any indebtedness incurred by the municipality or
urban renewal agency. Unless the total assessed valuation of
the taxable property in an urban renewal project exceeds the
total assessed value of the taxable property in the project as
shown by the last equalized assessment roll referred to in
paragraph (a)(i) of this section, all of the taxes levied and
collected upon the taxable property in the urban renewal project
shall be paid into the funds of the respective taxing agencies.
When any loans, advances and indebtedness, if any, and interest
have been paid in full, all monies thereafter received from
taxes upon the taxable property in the urban renewal project
shall be paid into the funds of the various taxing agencies as
taxes on all other property are paid.