Incremental Taxes means, for any fiscal year of the Commonwealth, that amount of money which is equal to all tax revenues received by the Commonwealth, as taxing entity, during such fiscal year in respect of an industrial development project and improvements and equipment thereon and the products thereof, and activities carried out by the occupants and users of such industrial development project, minus an amount equal to all tax revenues received by the Commonwealth, as taxing entity, in respect of the site of the industrial development project and the same type of taxable properties and activities during the fiscal year immediately preceding the fiscal year during which construction of the improvements undertaken by an industrial entity as a result of the financing of such industrial development project commenced. Incremental taxes shall include such tax revenues as state corporate income taxes, state income taxes paid by employees of manufacturing, processing, and assembling facilities developed on the site of an industrial development project, state property taxes, state corporation license taxes, and state sales and use taxes, but shall not include any taxes levied specifically for educational purposes;

Incremental Taxes means the amount of ad valorem taxes, if any, paid in respect of the Subject Property and its improvements which is attributable to the increase in the equalized assessed value of the Subject Property and its improvements over the initial equalized assessed value of the Subject Property, calculated as set forth in the TIF Act.

Examples of Incremental Taxes in a sentence

The City is not obligated to pay principal of or interest on the Note in any year in which there are inadequate Available Incremental Taxes.
The failure of current or future owners of property in the Project Area to remit property taxes to the City when due or the failure of the City to timely remit Available Incremental Taxes to the Noteholder could result in insufficient Available Incremental Taxes being available to pay principal of or interest on the Note when due.
Risk of Change in Available Incremental Taxes Prospective holders of the Note should carefully consider, among other factors, the risks associated with the ultimate generation of Available Incremental Taxes in·the Project Area.
If any time during the term of the Note the actual equalized assessed value is less than what was projected, the generation of Available Incremental Taxes for payment on the Note is likely to be significantly impaired.
There can be no assurance that Available Incremental Taxes will be sufficient for payment of amounts due and owing on the Note.

More Definitions of Incremental Taxes

Incremental Taxes means the ad valorem taxes, if any, arising from the tax levies upon taxable real property in the Project Area by any and all taxing districts or municipal corporations having the power to tax real property in the Project Area, which taxes are attributable to the increase in the then current equalized assessed valuation of each taxable lot, block, tract or parcel of real property in the Project Area over and above the Initial Equalized Assessed Value of each such piece of property, all as determined by the County Clerk in accord with Section 11-74.4-9 of the TIF Act.

Incremental Taxes shall have the meaning set forth in Section 4.8.

Incremental Taxes means the amount in the STAF Account equal to the amount of ad valorem taxes, if any, paid in respect of the Project Area which is attributable to the increase in the equalized assessed value of the Project Area and its improvements over the initial equalized assessed value of the Project Area as of the date of the adoption of Ordinance No. 060-2007 adopting tax increment financing pursuant to the TIF Act, all as calculated in accordance with the TIF Act. During the Term, the City shall make certain payments to the Developer from the STAF Account as provided in Article 4.

Incremental Taxes means such ad valorem taxes which, pursuant to the TIF Adoption Ordinance and Section 5/11-74.4-8(b) of the Act, are allocated to and when collected are paid to the Treasurer of the City for deposit by the Treasurer into the TIF Fund established to pay Redevelopment Project Costs and obligations incurred in the payment thereof.

Incremental Taxes means the incremental State and local sales and use taxes collected within the STAR Bond District as described in Section 6.01(c).

Incremental Taxes means, subject to any prior lien, the ad valorem taxes, if any, arising from the ad valorem taxes respectively levied by the Issuer and other taxing bodies levying taxes upon all taxable real property in the TIF 1 Area and the TIF 2 Area which ad valorem taxes are attributable to the increase in the then current equalized valuation of each taxable lot, block, tract or parcel of real property in such respective TIF 1 Area and TIF 2 Area over and above the initial equalized assessed value of each such taxable lot, block, tract or parcel, all as determined by the County Clerk of Champaign County, Illinois, under and pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq.) and includes any lawfully available successor or replacement taxes.