What is the base valuation of a project development financing district?
The base valuation of a project development financing district is the assessed value of all taxable property located in the district on the January 1 immediately preceding the effective date of the district plus the value of property acquired by the county or municipality or its agent within one year before the effective date of the district. This base valuation is the frozen assessed value for the life of the district and is used to generate the incremental tax revenues that will repay the project development financing bonds.
Related Questions
- May a county or municipality adjust the base valuation of a project development financing district once it is certified by the county tax assessor?
- How are the proceeds of a unit’s property tax assessed against property in a project development financing district distributed?
- How is the assessed value of the property in the project development financing district determined each year?
