2005 Idaho Code - 50-2908 — DETERMINATION OF TAX LEVIES -- CREATION OF SPECIAL FUND

                                  TITLE  50
                            MUNICIPAL CORPORATIONS
                                  CHAPTER 29
                        LOCAL ECONOMIC DEVELOPMENT ACT
    50-2908.  DETERMINATION OF TAX LEVIES -- CREATION OF SPECIAL FUND. (1) For
purposes of calculating the rate at which taxes shall be levied by or for each
taxing district in which a revenue allocation area is located, the county
commissioners shall, with respect to the taxable property located in such
revenue allocation area, use the equalized assessed value of such taxable
property as shown on the base assessment roll rather than on the current
equalized assessed valuation of such taxable property.
    (2)  With respect to each such taxing district, the tax rate calculated
under subsection (1) of this section shall be applied to the current equalized
assessed valuation of all taxable property in the taxing district, including
the taxable property in the revenue allocation area. The tax revenues thereby
produced shall be allocated as follows:
    (a)  To the taxing district shall be allocated and shall be paid by the
    county treasurer:
         (i)   All taxes levied by the taxing district or on its behalf on
         taxable property located within the taxing district but outside the
         revenue allocation area; and
         (ii)  A portion of the taxes levied by the taxing district or on its
         behalf on the taxable property located within the revenue allocation
         area, which portion is the amount produced by applying the taxing
         district's tax rate determined under subsection (1) of this section
         to the equalized assessed valuation, as shown on the base assessment
         roll, of the taxable property located within the revenue allocation
         area.
    (b)  To the urban renewal agency shall be allocated the balance, if any,
    of the taxes levied on the taxable property located within the revenue
    allocation area.
    (3)  Upon enactment of an ordinance adopting a revenue allocation
financing provision as part of an urban renewal plan, the urban renewal agency
shall create a special fund or funds to be used for the purposes enumerated in
this chapter. The revenues allocated to the urban renewal agency pursuant to
this chapter, shall be paid to the agency by the treasurer of the county in
which the revenue allocation district is located and shall be deposited by the
agency into one (1) or more of such special funds. The agency may, in
addition, deposit into such special fund or funds such other income, proceeds,
revenues and funds it may receive from sources other than the revenues
allocated to it under subsection (2)(b) of this section.
    (4)  For the purposes of section 63-803, Idaho Code, during the period
when revenue allocation under this chapter is in effect, and solely with
respect to any taxing district in which a revenue allocation area is located,
the county commissioners shall, in fixing any tax levy, take into
consideration the equalized assessed valuation of the taxable property
situated in the revenue allocation area as shown in the base assessment roll,
rather than the current equalized assessed value of such taxable property.
    (5)  For all other purposes, including, without limitation, for purposes
of sections 33-802, 33-1002 and 63-1313, Idaho Code, reference in the Idaho
Code to the term "market value for assessment purposes" (or any other such
similar term) shall mean market value for assessment purposes as defined in
section 63-208, Idaho Code.