If an innovation development district is designated, each executive shall designate the innovation development district as an allocation area for purposes of the allocation and distribution of property taxes. Not later than August 1 of the calendar year immediately following the designation, each executive shall:

1. (1) set the base assessed value of the allocation area; and

2. (2) provide notice of the designation and notice of the base assessed value;

   to the county auditor, the department of local government finance, and to each taxing unit that has authority to levy property taxes in the geographic area where the innovation development district is located. The notice must state the general boundaries of the innovation development district and include the mailing address of all parcels to be included within the innovation development district.

As added by P.L.135-2022, SEC.28. Amended by P.L.213-2025, SEC.313.