Sec. 15. The commission may enter into a written agreement with a taxpayer that owns real property located in an allocation area of the district that is exempt from property tax assessment in which the taxpayer agrees to, in lieu of property taxes, pay to the unit authorized to levy property taxes the amount that would be assessed as taxes on real property of the taxpayer if the property were otherwise subject to valuation and assessment. Such payments in lieu of taxes shall be due and shall bear interest if unpaid, as in the cases of taxes on other property. Payments in lieu of taxes made under this section shall be treated in the same manner as taxes for purposes of all procedural and substantive provisions of law.
As added by P.L.61-2018, SEC.1.