50 Ind. Admin. Code 8-2-1

Current through October 31, 2024

Section 50 IAC 8-2-1 - Summary of rule

Authority: IC 6-1.1-39; IC 36-7-14; IC 36-7-15.1

Affected: IC 6-1.1-39; IC 8-22-3.5; IC 36-7-14; IC 36-7-15.1

Sec. 1.

This rule applies to the establishment of allocation areas by redevelopment commissions and to the generation and use of tax increment in those areas. The following subject areas will be addressed by these rules:

(1) Section 2 of this rule addresses the designation of the geographical boundaries of an allocation area by the redevelopment commission, the findings that must be made before an allocation area is designated, and the determination whether the program includes allocation area personal property.

(2) Section 3 of this rule addresses the effect on the base assessment of a change of the size of an allocation area or a change of the base assessment date.

(3) Section 4 of this rule addresses the calculation of the potential captured assessment and the captured assessment.

(4) Section 5 of this rule addresses the application of the property tax rate of each taxing unit to the assessed valuation of the taxing unit both within and without the allocation area.

(5) Section 6 of this rule describes the application of the PTR credit, the additional credit, and the housing program credit.

(6) Sections 7 through 8 of this rule describe the records that the county auditor must keep when there is not, and when there is, tax increment.

(7) Sections 9 through 10 of this rule are examples of the apportionment of individual assessments under a program that includes only real property and under a program that includes both real and personal property.

(8) Section 11 [of this rule] addresses the method for determining captured assessments when less than the full amount of potential captured assessment is required to generate the needed tax increment.

(9) Section 12 of this rule describes the adjustments that the state board of tax commissioners must make after a general reassessment of real property.

(10) Section 13 of this rule describes the permissible uses of tax increment by the redevelopment commission.

50 IAC 8-2-1

Department of Local Government Finance; 50 IAC 8-2-1; filed Jan 30, 1989, 3:30 p.m.: 12 IR 1354