11-29-00 Meeting of the Tax Increment Reinvestment Zone Number One Minutes

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e e ., Code. No interest or penalty will be charged to Harris County for any late payment received from Harris County; provided however, that penalty and interest received by Harris County on any delinquent taxes from the Harris County Tax Increment Participation shall be paid to the Tax Increment Fund in the amounts required by sect8ion 311.013 (c) of the Texas Tax Code. Texas Tax Code, Chapter 311 311.012. Determination of Amount of Tax Increment (a) The amount of a taxing unit's tax increment for a year is the amount of property taxes levied and collected by the unit for that year on the captured appraised value of real property taxable by the unit and located in a reinvestment zone. (b) The captured appraised value of real property taxable by a taxing unit for a year is the total appraised value of all real property taxable by the unit and located in a reinvestment zone for that year less the tax increment base of the unit. (c) The tax increment base of a taxing unit is the total appraised value of all real property by the unit and located in a reinvestment zone for the year in which the zone was designated under this chapter. Chapter 311.013. Collection and Deposit of Tax Increments (c) A taxing unit shall make a payment required by Subsection (b) not later than the 90th day after the delinquency date for the unit's property taxes. A delinquent payment incurs a penalty of five percent of the amount delinquent and accrues interest at an annual rate of 10 percent. Restating Laws and Agreements in Layman's Terms A recap of the financial mechanics of the TIRZ is as follows: 1. The base year for each of the taxing entities is January 1, 1999. 2. The base year value for each entity is the total taxable value of property located in the Zone as of January 1, 1999. 3. The City of La Porte will contribute at their full tax rate applied to the increase in taxable value over the base year (1999) taxable value. 4. La Porte ISD will participate at their full rate, however, their contribution will be divided into two parts. First, the amount of taxes generated when applying a tax rate of $0.86 cents per $100 valuation to the increase in taxable value over the base year (1999) taxable value will go into the TIRZ Fund and will be used for general projects. Second, the amount of taxes generated when applying their actual tax rate applied against the increase in taxable value over the base year (1999) taxable value less the amount of taxes generated when applying the $0.86 cents per $100 valuation rate to the increase in taxable value over the base year (1999) taxable value will go into the TIRZ Fund in a special account to be used for Educational Facilities Project Costs. 5