1. (a) As used in this chapter, "base assessed value" means, subject to subsection (b):

   1. (1) the net assessed value of all the taxable property located in a certified technology park as finally determined for the assessment date immediately preceding the effective date of the allocation provision of a resolution adopted under section 15 of this chapter; plus
   2. (2) to the extent it is not included in subdivision (1), the net assessed value of property that is assessed as residential property under the rules of the department of local government finance, within the certified technology park, as finally determined for the current assessment date.

2. (b) If a redevelopment commission adopts a resolution designating a certified technology park as an allocation area and the redevelopment commission makes either of the filings required under section 15(d) of this chapter after the first anniversary of the effective date of the allocation provision, the auditor of the county in which the unit is located shall compute the base assessed value for the allocation area using the assessment date immediately preceding the later of:

   1. (1) the date on which the documents are filed with the county auditor; or
   2. (2) the date on which the documents are filed with the department of local government finance.

As added by P.L.192-2002(ss), SEC.187. Amended by P.L.214-2019, SEC.53; P.L.257-2019, SEC.143; P.L.156-2020, SEC.144.