Each taxing authority, as that term is defined in F.S. § 163.340(2), which levies
ad valorem taxes within the community redevelopment area, shall annually appropriate
and pay into the fund 95 percent of the incremental increase in ad valorem taxes levied
each year by that taxing authority, calculated in accordance with F.S. § 163.387(1).
The increment shall be calculated using the assessment value of January 1, 2004. Tax
increment payments commenced with those due prior to January 1, 2006. The obligation
of taxing authorities other than the county to annually appropriate and deposit the
tax increment shall continue until the payment due prior to January 1, 2045, shall
have been paid. The obligation of the county shall be for the same 40 years and thereafter
for so long as any indebtedness pledging increment revenue has been paid.
(Ord. No. 2011-07, § I, 3-17-11)
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