Section 50IAC8-2-5. Application of tax rate

   The property tax rate established for each taxing unit in which the allocation area is located is applied to the aggregate assessed value of the property located outside of the allocation area and the current base assessment as calculated under section 4 of this rule. The resulting property taxes are collected for the benefit of the taxing unit. The captured assessment is subject to the combined property tax rates of the taxing units in which the allocation area is located. The resulting tax increment is collected for the benefit of the allocation area. (Department of Local Government Finance; 50 IAC 8-2-5; filed Jan 30, 1989, 3:30 p.m.: 12 IR 1358)