251.618. Incremental tax financing permitted, when--county assessor duties--tax rates, determination of.

Incremental tax financing permitted, when--county assessor duties--taxrates, determination of.

251.618. 1. A regional economic development district board, afteradopting a regional economic development plan, may adopt incremental taxfinancing as set forth in this section for the purposes of the district bypassing a resolution, however, incremental tax financing shall not beavailable for any retail projects. Upon the adoption of the first of anysuch resolutions, the treasurer of the board shall establish a specialallocation fund for the regional economic development district.

2. Immediately upon the adoption of a resolution implementingincremental tax financing under subsection 1 of this section, the countyassessor shall determine the total equalized assessed value of all taxablereal property within such regional economic development district by addingtogether the most recently ascertained equalized assessed value of eachtaxable lot, block, tract, or parcel of real property within such regionaleconomic development project area as of the date of the adoption of suchresolution and shall provide to the treasurer of the board writtencertification of such amount as the total initial equalized assessed valueof the taxable real property within such regional economic developmentdistrict.

3. In each of the twenty-five calendar years following the adoptionof a resolution adopting incremental tax financing for a regional economicdevelopment district under this section unless and until such incrementaltax financing for such district is terminated by resolution of the regionaleconomic development district board, the ad valorem taxes, and payments inlieu of taxes, if any, arising from the levies upon taxable real propertyin such regional economic development project area by taxing districts atthe tax rates determined in the manner provided in section 251.627 shall bedivided as follows:

(1) That portion of taxes, penalties, and interest levied upon eachtaxable lot, block, tract, or parcel of real property in such regionaleconomic development project area which is attributable to the initialequalized assessed value of each such taxable lot, block, tract, or parcelof real property in such regional economic development project area ascertified by the county assessor in accordance with subsection 2 of thissection plus an annual tax base adjustment equal to the percentage changein the general price level as measured by the Consumer Price Index for AllUrban Consumers for the United States, or its successor index, as definedand officially recorded by the United States Department of Labor, shall beallocated to and, when collected, shall be paid by the collecting authorityto the respective affected taxing districts in the manner required by lawin the absence of the adoption of incremental tax financing. For thepurpose of determining the percentage change in the general price level,the treasurer of the regional economic development district board shalldetermine the consumer price index as defined herein for the precedingcalendar year over the consumer price index for the calendar yearimmediately prior thereto;

(2) Payments in lieu of taxes attributable to the increase in thecurrent equalized assessed valuation of each taxable lot, block, tract, orparcel of real property in the regional economic development project areaand any applicable penalty and interest over and above the initialequalized assessed value of each such taxable lot, block, tract, or parcelof real property in such regional economic development project area ascertified by the county assessor and as adjusted by the annual tax baseadjustment as detailed in this section shall be allocated to and, whencollected, shall be paid by the collecting officer of the municipality orcounty to the treasurer of the regional economic development district whoshall deposit such payment in lieu of taxes into a separate segregatedaccount for payments in lieu of taxes within the special allocation fund.Payments in lieu of taxes which are due and owing shall constitute a lienagainst the real property from which such payments in lieu of taxes arederived and shall be collected in the same manner as real property taxes,including the assessment of penalties and interest where applicable. Thelien of payments in lieu of taxes may be foreclosed in the same manner asthe lien of real property taxes. No part of the current equalized assessedvaluation of each taxable lot, block, tract, or parcel of property in anysuch regional economic development project area attributable to anyincrease above the initial equalized assessed value of each such taxablelot, block, tract, or parcel of real property in such regional economicdevelopment project area as certified by the county assessor and asadjusted by the annual tax base adjustment as detailed in this sectionshall be used in calculating the general state school aid formula providedfor in section 163.031, RSMo, until incremental tax financing for suchregional economic development project area expires or is terminated inaccordance with the regional economic development district law;

(3) For purposes of this section, levies upon taxable real propertyin such regional economic development area by taxing districts shall notinclude the blind pension fund tax levied under the authority of articleIII, section 38(b) of the Missouri Constitution, the merchants' andmanufacturers' inventory replacement tax levied under the authority ofarticle X, subsection 2 of section 6 of the Missouri Constitution, thedesegregation sales tax, or the conservation taxes.

4. In each of the twenty-five calendar years following the adoptionof a resolution adopting incremental tax financing for a regional economicdevelopment project area under this section, unless and until incrementaltax financing for such regional economic development project area isterminated in accordance with the regional economic development districtlaw, fifty percent of the economic activity taxes from such regionaleconomic development project area shall be allocated to and paid by thecollecting officer of any such economic activity tax to the treasurer ofthe regional economic development district, who shall deposit such funds ina separate segregated account for economic activity taxes within thespecial allocation fund.

(L. 2007 H.B. 741)