50 IAC 8-1-7 "Base assessment" defined

Sec. 7. As used in this article, "base assessment" means the aggregate assessed valuation of all allocation area real property and allocation area personal property as of the base assessment date. However, the "base assessment" in an allocation area established under IC 36-7-15.1-32 with respect to a program for housing does not include the assessed value of real property improvements as of the base assessment date. However, if the effective date of the allocation provision of a declaratory ordinance is after March 1, 1985, and before January 1, 1986, and if an improvement to property was partially completed on March 1, 1985, the unit may provide in the declaratory ordinance that the taxes attributable to the assessed value of the property as finally determined for March 1, 1984, shall be allocated to and, when collected, paid into the funds of the respective taxing units.