350 NAC 18-001. PURPOSE

REG-18-001 PURPOSE 001.01 The purpose of these regulations is to outline various duties of assessors and redevelopment authorities in administering property assessment and taxation laws for properties in a community redevelopment project. The community redevelopment laws allow for the increased property taxes generated by the improvement of blighted property to be used to pay for the financing of the redevelopment, i.e. tax increment financing (TIF). (Neb. Rev. Stat. Sections 18-2102 and 18-2105, R.R.S. 1997, Neb. Rev. Stat. Section 18-2113, R.S. Supp., 2006 and Neb. Rev. Stat. Section 77-702, R.S. Supp., 2007.)