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LA PORTE REDEVELOPMENT AUTHORITY NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 5. TAX INCREMENTS The City has agreed to deposit their tax increments into the Tax Increment Fund established for the Zone. The amount of a Participant's tax increment for a year is the amount of property taxes levied and collected by the Participant for that year on the Captured Appraised Value of real pp rty taxable by the Participant and located in the Zone. The Captured Appraised Value `of real property taxable by a Participant for a year is the total appraised value of all real propp4yI axable by the Participant and located in the Zone for that year less the Tax Increment Rage., is the total appraised value of all real property taxable by the Participant and loced1the Zone on January 1 of the year in which the Zone was designated as such under- trig Tax Increment Financing Act (the "TIF Act"). In the event property is annexed mtd*,b zko} e by ordinance of the City, the Tax Increment Base for annexed property is the valu ,,of all real property taxable by a Participant and located in the annexed area on January 1 of .the year of annexation. No Participant is required to deposit tax increments derived from property annexed into the Zone unless the Participant has agreed to do so. Each participant is required to collect taxes on property located with the Zone in the same manner as other taxes are collected. The Participant is required to pay into the tax increment fund the collected tax increments by the first dFF-of'ehch calendar quarter or pursuant to the terms of the participation set forth in their respective: fiterlocal agreements. NOTE 6. CITY OF LA PORTS TAXJNCREMENTS •� J The City and the Zone have estabyshh id .the Tax Increment Fund, a separate fund in the City Treasury into which tax increpents,w)l>be deposited. During the current fiscal year,� toy�-increments of $1,417,801 were recorded from the City of La Porte, and $2,015,477 from thechool district based on collected taxes. 0 NOTE 7. H�tWS COUNTY TAX INCREMENTS The Commis 9ner§ Court of Harris County (the "County") approved an agreement to participate in the Zone: The'amount of participation from years 2001 through 2029 will be 75% of the tax incre eni -attnVuted to the capture appraised value. Harris County's participation and use of ft r d is limited to projects described in the agreement. During the current fiscal year, tax increments of $694,972 were collected from the County. -21-