Captured assessed value definition

Captured assessed value means the amount in any 1 year by which the current assessed value of the development area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in subdivision (w), 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

• Real property tax revenues from in the Captured Assessed Value in the TIF District will be applied to the District Master Plan.

• The City’s and the Town’s obligation to make a periodic payment under any CEA will only arise to the extent the City and the Town receive incremental real property tax revenue based on positive Captured Assessed Value of the particular property during the appropriate period.

• One hundred percent (100%) of the real property tax revenues from the Captured Assessed Value of this TIF District will be deposited in the District Master Plan Fund and will be allocated as shown in the graphic and described below.A District Master Plan Account will be created for each TIF District within the City, including for subsequent TIF Districts that are joint with the Town of Groton.

• Decreases in the Captured Assessed Value shall not obligate either the Town or the City to make up any shortfalls in Tax Increment Revenues.

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 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 annual percentage of Increased Assessed Value attributable to the Project, retained in the District in each Tax Year during the term of the District, as specified in Section 3.1 hereof.

Captured assessed value means the amount, stated as a percentage, of the Increased Assessed Value that is retained in the District in each Tax Year during the term of the District, as specified in Section 2.2 hereof pertaining to the Realty Resources Property only.

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

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