Captured assessed value definition
Captured assessed value means the amount in any 1 year by which the current assessed value of a zone, including the assessed value of property for which specific local taxes are paid in lieu of property taxes, exceeds the initial assessed value. The state tax commission shall prescribe the method for calculating captured assessed value.
Captured assessed value means the amount in any 1 year by which the current assessed value of the eligible property identified in the tax increment financing plan or, for a certified technology park, a certified alternative energy park, or a Next Michigan development area, the real and personal property included in the tax increment financing plan, including the current assessed value of property for which specific local taxes are paid in lieu of property taxes as determined pursuant to subdivision (hh), exceeds the initial assessed value. The state tax commission shall prescribe the method for calculating captured assessed value. Except as otherwise provided in this part, tax abated property in a renaissance zone as defined under section 3 of the Michigan renaissance zone act, 1996 PA 376, MCL 125.2683, shall be excluded from the calculation of captured assessed value to the extent that the property is exempt from ad valorem property taxes or specific local taxes.
Captured assessed value means the amount, stated as a percentage, of Increased Assessed Value that is retained in each Tax Year during the term of the District, as specified in section 2.3 hereof.
Examples of Captured assessed value in a sentence
Each year while this Agreement is and remains in effect starting with the Town’s 2019-2020 Fiscal Year and continuing through and including its 2038-2039 Fiscal Year, the Town shall retain as Captured Assessed Value one hundred percent (100%) of the Property’s Increased Assessed Value.
More Definitions of Captured assessed value
Captured assessed value means the amount, stated as a percentage, of the Increased Assessed Value of the District that is retained in each Tax Year during the term of the District, as specified in Section 2.3 hereof, to fund Project costs authorized in the Development Program.
Captured assessed value means the amount, stated as a percentage, of the Increased Assessed Value that is retained in the Developer Property in each Tax Year during the term of the District, as specified in Section 2.3 hereof.
Captured assessed value means increased assessed value retained in a TIF District each year during its term.
Captured assessed value means the amount, as a percentage or stated sum, of Increased Assessed Value that is utilized from year to year to finance Project Costs pursuant to the District Master Plan.
Captured assessed value means the amount in any 1 year by which the current assessed value of the project area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as
Captured assessed value means that portion of the Increased Assessed Value that is annually retained within the District for the purpose of funding the District Development Program, as provided in the approved Development Program for the District. For the purposes of the District and this Credit Enhancement Agreement, Captured Assessed Value does not include the taxable value of personal property and equipment located within the District. As provided in the Financial Plan of the Development Program, the Captured Assessed Value shall be equal to one hundred percent (100%) of the Increased Assessed Value for each of the thirty (30) Tax Years beginning July 1, 2017 and ending June 30, 2047.
Captured assessed value means the valuation amount by which the current assessed value of the development district exceeds the original assessed value of the district and is sheltered for otherwise authorized tax increment financing purposes