Allocation and Distribution of Incremental Property Tax Revenue in Transit Development District

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Sec. 21. (a) If a district is established, the county auditor in each county in which the district is located shall distribute to the development authority, or the redevelopment commission that would otherwise receive the incremental property tax revenues under IC 36-7-14 in the case of a cash participant county, the lesser of:

(1) the property tax increment revenue collected in the district in the amount specified by the development authority or redevelopment commission; or

(2) all the property tax increment revenue collected in the district.

In the case of a district that is established in a cash participant county, the county auditor shall distribute any excess district property tax revenue increment to the political subdivisions that would otherwise receive the revenue under IC 36-7-14 as if the increment were attributable to the base assessed value of the allocation area within the district.

(b) If a district established in a member county includes a tax area established under IC 36-7-14 before January 1, 2017, the development authority and the redevelopment commission receiving property tax revenues under IC 36-7-14 shall use their best efforts to come to an agreement on how much property tax increment revenue will be allocated between the development authority and the redevelopment commission, recognizing that any existing obligations of the redevelopment commission would have priority over any later obligations of the development authority. The county auditor shall distribute to the development authority the amount of property tax increment revenue that is allocated to the development authority.

(c) The development authority shall deposit all property tax increment revenue received in the appropriate district account in the south shore improvement and development fund.

As added by P.L.248-2017, SEC.10.


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