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14-168-323. Value of assessed property in a redevelopment district.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-168-323. Value of assessed property in a redevelopment district.
(a) If state funding to a school district is calculated with regard to the value of assessed property located in the school district, the incremental value of real property within a redevelopment district shall not be included in the assessed value of the real property within the school district for purposes of computing school district funding if the real property is located within the redevelopment district and within the school district and the assessed value of the real property increases above the base value.
(b) Subsection (a) of this section shall apply for each school year during which the tax increment for real property within the redevelopment district is distributed pursuant to § 14-168-312.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-168-323
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:14-168-323
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7c7a03482653d8408c32e5fd722b1a0a2b82a1e507e73a6b606e37287ee72989
Source location: content.xml paragraph 39562
Stored source content
14-168-323. Value of assessed property in a redevelopment district.
(a) If state funding to a school district is calculated with regard to the value of assessed property located in the school district, the incremental value of real property within a redevelopment district shall not be included in the assessed value of the real property within the school district for purposes of computing school district funding if the real property is located within the redevelopment district and within the school district and the assessed value of the real property increases above the base value.
(b) Subsection (a) of this section shall apply for each school year during which the tax increment for real property within the redevelopment district is distributed pursuant to § 14-168-312.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-168-312. Division of ad valorem real property tax revenue.
(a) For so long as the redevelopment district exists, the tax assessor shall divide the ad valorem tax revenue collected, with respect to taxable property in the district, as follows:
(1) The assessor shall determine for each tax year:
(A) The amount of total ad valorem tax revenue which should be generated by multiplying the total ad valorem rate times the current value;
(B) The amount of ad valorem tax revenue which should be generated by multiplying the applicable ad valorem rate times the base value;
(C) The amount of ad valorem tax revenue which should be generated by multiplying the debt service ad valorem rate times the current value; and
(D) The amount of ad valorem revenue which should be generated by multiplying the applicable ad valorem rate times the incremental value;
(2) The assessor shall determine from the calculations set forth in subdivision (a)(1) of this section the percentage share of total ad valorem revenue for each according to subdivisions (a)(1)(B)-(D) of this section, by dividing each of such amounts by the total ad valorem revenue figure determined by the calculation in subdivision (a)(1)(A) of this section; and
(3) On each date on which ad valorem tax revenue is to be distributed to taxing units, such revenue shall be distributed by:
(A) Applying the percentage share determined according to subdivision (a)(1)(B) of this section to the revenues received and distributing such share to the taxing entities entitled to such distribution pursuant to current law;
(B) Applying the percentage share determined according to subdivision (a)(1)(C) of this section to the revenues received and distributing such share to the taxing entities entitled to such distribution by rea
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-168-312
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-168-312. This identifies an authority to review, not proof of applicability.