Section 11-99-5 Determination of Tax Increment Base; Notice.

(a) The tax increment base shall be determined as provided in this section. (b) Upon application in writing by the local finance officer, the tax assessor, or the officer of the county performing the duties of a tax assessor, for each county in which any part of the district is located shall determine, according to his or her best judgment from all sources available to him or her, the full aggregate value of the taxable property in the district located in that county as of the date of creation of the tax increment district. The aggregate valuation from all such tax assessors or other such public officials, upon certification to the local finance officer, shall constitute the tax increment base of the district, provided, if a public entity creates a district that is to succeed and continue the programs and project plans for redevelopment and revitalization of property in an existing tax increment district upon its expiration, the public entity and each deferred tax recipient with respect to the successor tax increment district, notwithstanding any provision in this chapter to the contrary, by written mutual agreement duly authorized, executed, and delivered thereby, may agree that the aggregate value of all taxable property included in both the expiring district and the successor district shall be the aggregate value of the taxable property as originally determined for the tax increment base of the expiring district as of the date of creation of the expiring district and without redetermination of the value of the taxable property as of the date of creation of the successor district or some other date. (c) If the public entity that created a tax increment district in which not less than 50 percent, by area, of the real property within the tax increment district is a blighted or economically distressed area adopts an amendment to the original project plan for the tax increment district which includes additional project costs for which tax increments may be received by the public entity, the tax increment base for the district shall not be redetermined. (d) If the public entity that created a tax increment district in which not less than 50 percent, by area, of the real property within the tax increment district is an enhanced use lease area or which includes an area that a local governing body has determined to be a Major 21st Century Manufacturing Zone adopts an amendment to the original project plan for the tax increment district which includes additional project costs for which tax increments may be received by the public entity or an expansion of the tax increment district, the tax increment base for the district shall not be redetermined. (e) There shall be a rebuttable presumption that any property within a tax increment district, acquired or leased as lessee by the public entity or any agency or instrumentality thereof within one year immediately preceding the date of the creation of the district, was so acquired or leased in contemplation of the creation of the district. The presumption may be rebutted by the public entity with proof that the property was so leased or acquired primarily for a purpose other than to reduce the tax increment base. If the presumption is not rebutted, in determining the tax increment base of the district, but for no other purpose, the taxable status of the property shall be determined as though the lease or acquisition had not occurred. (f) The local tax assessor or individual performing his or her duties shall identify upon the tax records prepared by him or her under Chapter 7 of Title 40 those parcels of property which are within each existing tax increment district, specifying the name of each district. A similar notation shall also appear on the tax records made by the local finance officer. (g) The Department of Revenue shall annually give notice to the designated finance officer of all taxing authorities levying taxes on property within each district as to both the assessed and equalized value of the property and the assessed and equalized value of the tax increment base. The notice shall state that the taxes collected in excess of the base will be paid to the public entity.