Section 50IAC8-2-7. No tax increment; records

   With respect to any year in which an allocation area is in place but there is no captured assessment, the entire allocation area assessment is subject to taxation by the taxing units in which the allocation area is located, and the PTR credit applies to all of the taxes on that assessment in the same manner that it applies to other property taxes imposed by the taxing units. Because there is no tax increment, there is no additional credit or housing program credit. The county auditor must record the aggregate change in assessed value from the base assessment date of all real property in the allocation area and any personal property in the allocation area that is part of the tax increment finance program. Each year that such a record is required, the county auditor shall provide the record to each taxing unit in which the allocation area is located in order to allow the units to evaluate the potential effect on their tax rates in any later year when the redevelopment commission requires tax increment. The county auditor shall also provide the record to the redevelopment commission. (Department of Local Government Finance; 50 IAC 8-2-7; filed Jan 30, 1989, 3:30 p.m.: 12 IR 1359)