11-99-10
Section 11-99-10 Equalized valuation for apportionment of property taxes. (a) With respect to any taxing authority other than the public entity which created the tax increment district, the calculation of the equalized valuation of taxable property in a tax increment district may not exceed the tax increment base of the district until the district is terminated, unless agreement has been made for other arrangements under subsection (b) of this section. (b) In such cases where it can be shown that losing tax increments would be harmful to any given taxing authority or cause such taxing authority not to honor a prior binding commitment, by contract executed with the public entity prior to the designation of the tax increment district, and if an agreement has been made for such allowances through a process of negotiation at the time of the creation of the tax increment district, a taxing authority may make payments into the tax increment fund, less the sum of: (1) Any property taxes...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-99-10.htm - 2K - Match Info - Similar pages
11-99-5
Section 11-99-5 Determination of tax increment base; aggregate valuation of taxable property; acquisition or lease of property by public entity; identification of property; notice. (a) Upon the creation of a tax increment district or adoption of any amendment pursuant to subsection (c) of this section, the tax increment base shall be determined. (b) Upon application in writing by the local finance officer, the tax assessor (or the officer of the county performing the duties of a tax assessor) for each county in which any part of the district is located shall determine according to his or her best judgment from all sources available to him or her the full aggregate value of the taxable property in the district located in that county. The aggregate valuation from all such tax assessors or other such public officials, upon certification to the local finance officer, shall constitute the tax increment base of the district. (c) If the public entity creating a tax increment district in which...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-99-5.htm - 4K - Match Info - Similar pages
11-99-2
Section 11-99-2 Definitions. As used in this chapter: (1) BLIGHTED OR ECONOMICALLY DISTRESSED AREA: a. An area in which the structures, buildings, or improvements, by reason of dilapidation, deterioration, age, or obsolescence, inadequate provision for ventilation, light, air, sanitation, or open spaces, high density of population and overcrowding, or the existence of conditions which endanger life or property by fire and other causes, or any combination of such factors, are conducive to ill health, transmission of disease, infant mortality, juvenile delinquency, or crime, and are detrimental to the public health, safety, morals, or welfare, or b. Any area which by reason of the presence of a substantial number of substandard, slum, deteriorated, or deteriorating structures, predominance of defective or inadequate street layout, faulty lot layout in relation to size, adequacy, accessibility, or usefulness, unsanitary or unsafe conditions, deterioration of site or other improvements,...
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40-9E-1
Section 40-9E-1 Definitions. For purposes of this chapter only, the following terms shall have the following meanings: (1) BASE YEAR. The taxable year immediately before the taxable year in which property first becomes qualified property under this chapter. (2) BASE YEAR VALUE. The value of the property used to determine the assessment on which the property tax on property is imposed for the base year. Base year value does not include any new property that is first assessed in the base year. (3) ELIGIBLE ASSESSMENT. The difference between the base year value and the actual value as determined by the county tax assessor for the applicable taxable year. (4) ENHANCED USE LEASE AREA. Any area of a military installation which contains underutilized real or personal property, or both, that is leased by a secretary of a military department to a lessee pursuant to the authority provided in 10 U.S.C. ยง2667. (5) LOCAL GOVERNING BODY. The governing body of a county or municipality which proposes...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-9E-1.htm - 5K - Match Info - Similar pages
11-99-4
Section 11-99-4 Creation of tax increment districts and approval of project plans. In order to exercise its powers under this chapter, a public entity shall take the following steps: (1) The local governing body shall hold a public hearing at which all interested parties are afforded a reasonable opportunity to express their views on the concept of tax increment financing, on the proposed creation of a tax increment district and its proposed boundaries, and its benefits to the public entity. Notice of the hearing shall be published in a newspaper of general circulation in either the county or in the city, as the case may be, in which the proposed tax increment district is to be located with such notice to be published at least twice in the 15-day period immediately preceding the date of the hearing. Prior to publication, a copy of the notice shall be sent by first class mail to the chief executive officer of each deferred tax recipient. (2) In addition to the notice required by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-99-4.htm - 8K - Match Info - Similar pages
11-99-6
Section 11-99-6 Allocation of positive tax increments; payment to local finance officer; tax increment fund. (a) Positive tax increments of a tax increment district shall be allocated and paid over to the public entity which created the district for each year commencing on the October 1 following the date when the district is created until the earlier of: (1) That time, after the completion of all public improvements specified in the project plan or amendments thereto, when the public entity has received aggregate tax increments from the district in an amount equal to the aggregate of all expenditures previously made or monetary obligations previously incurred for project costs for the district; or (2) Thirty-five years after the last expenditure identified in the project plan is made. No expenditure may be provided for in the project plan to be made more than five years after the district is created, except in Class 3 municipalities where such expenditures may be made not more than 10...
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40-9E-2
Section 40-9E-2 Abatement of state property taxes. (a) Notwithstanding any other law of this state, qualified property shall be entitled to an abatement of state property taxes provided the conditions of this section are satisfied. (b) In lieu of paying the state property tax increment on qualified property, any owner of qualified property not exempt from ad valorem taxation must pay the state property tax increment on such qualified property to the public entity that created the tax increment district in which the qualified property is located for each year commencing on the October 1 following the date when property first becomes qualified property under this chapter, and each October 1 thereafter, until the tax increment district in which such qualified property is located is terminated in accordance with Section 11-99-7. (c) State property tax increments received by the public entity which created the tax increment district in which the qualified property is located shall be used...
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40-9-14.1
Section 40-9-14.1 Certificates of exemption to governmental entities, contractors, etc., for certain tax exempt projects. (a) For the purposes of this section, the term governmental entity means the State of Alabama and its political subdivisions, including a county, a municipality, an industrial or economic development board or authority, and any public water or sewer authority, district, system, or board that otherwise is sales and use tax exempt. A governmental entity shall also include an educational institution of any of the foregoing Alabama political subdivisions including a public college or university, a county or city board of education, and the State Board of Education. (b)(1) The Department of Revenue shall issue a certificate of exemption to the governmental entity for each tax exempt project. (2) The Department of Revenue shall grant a certificate of exemption from state and local sales and use taxes to any contractor licensed by the State Licensing Board for General...
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41-10-44.3
Section 41-10-44.3 Additional powers of authority. In addition to the powers granted to it in Section 41-10-26 and in Sections 41-10-37 through 41-10-43, the authority shall have the following powers: (1) To adopt and alter bylaws for the regulation and conduct of its affairs and business; (2) To borrow money and to issue project obligations, whether or not the interest thereon is excluded from gross income for federal income tax purposes, for the purpose of financing project costs, and to provide for the rights of the purchasers, holders or owners of its project obligations; (3) To execute and deliver mortgages, security agreements and trust indentures and other forms of agreements for the purpose of securing its project obligations, and in connection therewith, to mortgage, pledge or assign the revenues, receipts and other property of the authority received, and the financing agreements entered into by the authority in connection with, the financing of projects under this Article 2A;...
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40-9B-4
Section 40-9B-4 Authorization of abatement. (a) Noneducational ad valorem taxes, construction related transaction taxes, except those local construction related transaction taxes levied for educational purposes or for capital improvements for education, and mortgage and recording taxes, or payments required to be made in lieu thereof, and in the case of a qualifying industrial or research enterprise described in Section 40-9B-3(a)(10)e. which is owned by an entity organized under Chapter 6 of Title 37, or by an authority both organized and existing pursuant to Chapter 50A of Title 11, and subject to the payments required to be made in lieu of ad valorem, sales, use, license, and severance taxes imposed by Section 11-50A-7, in addition to the foregoing, all other ad valorem taxes, or payments required to be made in lieu thereof, imposed by the state, counties, municipalities, and other taxing jurisdictions of Alabama, may be abated with respect to private use industrial property and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-9B-4.htm - 15K - Match Info - Similar pages
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