11-9-20. Determination of tax increment base of district.

On application in writing by the municipal finance officer, on a form prescribed by the department, the department shall determine the aggregate assessed value of the taxable property in the district, which aggregate assessed value, on certification to the finance officer, shall constitute the tax increment base of the district. The application shall be accompanied by a detailed parcel list of the included legal descriptions, property ownership, and valuation as provided by the director of equalization office of the affected corresponding county. Except as provided for in § 11-9-20.1, the department shall use the values as last previously certified by the department adjusted for the value to the date the district was created for any buildings or additions completed or removed and without regard to any reduction pursuant to §§ 1-19A-20, 10-6-35.2, and 10-6-67.

Source: SL 1978, ch 91, § 11; SL 1991, ch 115, § 2; SL 2003, ch 272 (Ex. Ord. 03-1), § 82; SL 2011, ch 1 (Ex. Ord. 11-1), § 161, eff. Apr. 12, 2011; SL 2018, ch 70, § 22; SL 2020, ch 39, § 14; SL 2020, ch 43, § 1.