Common use of Tax Increment Clause in Contracts

Tax Increment. This Agreement refers to “tax increment” which is a term defined by Utah Code ▇▇▇. § 17C-1-102(2021) et seq. The parties acknowledge that tax increment generally refers to the additional ad valorem tax revenues generated by the increase in value of taxable real and personal property from the Base Tax Year (as defined in the Interlocal Agreements).

Tax Increment. This Agreement refers to “tax increment” which is a term defined by Utah Code ▇▇▇. § 17C-1-102(2021102(60) et seq(2018). The term “tax increment” in this Agreement has the same meaning as defined by that statute. The parties acknowledge that tax increment generally refers to the additional ad valorem tax revenues generated by the increase in value of taxable real and personal property resulting from new development and construction. The Agency is entitled to collect a portion of tax increment from the Base Tax Year (property located within the Project Area boundaries as defined in expressly provided under the Interlocal Agreements)ILAs.