Section 11-59-208 - Portion of property tax augmentation to be paid to authority(1) As used in this section: (a) "Base taxable value" means the taxable value in the year before the transfer date.(b) "Property tax augmentation": (i) means the amount of property tax that is the difference between: (A) the amount of property tax revenues generated each tax year by all taxing entities from a transferred parcel, using the current assessed value of the property; and(B) the amount of property tax revenues that would be generated from that same transferred parcel using the base taxable value of the property; and(ii) does not include property tax revenue from: (A) a county additional property tax or multicounty assessing and collecting levy imposed in accordance with Section 59-2-1602;(B) a judgment levy imposed by a taxing entity under Section 59-2-1328 or 59-2-1330; or(C) a levy imposed by a taxing entity under Section 11-14-310 to pay for a general obligation bond.(c) "Transfer date" means the date that fee title to land that is part of the point of the mountain state land is transferred to a private person.(d) "Transferred parcel" means a parcel of land:(i) that is part of the point of the mountain state land; and(ii) the fee title to which has been transferred to a private person.(2) Beginning January 1, 2023, the authority shall be paid 75% of property tax augmentation from a transferred parcel: (a) for a period of 25 years beginning January 1 of the year immediately following the transfer date for the transferred parcel; and(b) for a period of an additional 15 years beyond the period stated in Subsection (2)(a) if: (i) the board determines by resolution that the additional years will produce a significant benefit to the authority; and(ii) the resolution is adopted before the end of the 25-year period under Subsection (2)(a).(3) A county that collects property tax on property within the county in which the point of the mountain state land is located shall pay and distribute to the authority the amount of property tax augmentation that the authority is entitled to collect under Subsection (2), in the manner and at the time provided in Section 59-2-1365.Added by Chapter 237, 2022 General Session ,§ 9, eff. 5/4/2022.