1. (a) The allocation area designated under section 19 of this chapter:

   1. (1) applies to the entire stadium development district; and
   2. (2) requires that any property tax assessed on taxable real and personal property used for commercial, residential, or industrial purposes subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes in the stadium development district be allocated and distributed as provided in subsections (c) and (d).
2. (b) Property tax proceeds may not be allocated under this section before January 1 of the calendar year immediately following the calendar year in which the base assessed value of the allocation area is determined under section 19 of this chapter.

3. (c) Except as otherwise provided in this section, the proceeds of the taxes attributable to the lesser of:

   1. (1) the assessed value of the taxable real and personal property for the assessment date with respect to which the allocation and distribution is made; or

   2. (2) the base assessed value:

      shall be allocated and, when collected, paid into the funds of the respective taxing units.

4. (d) Except as provided in subsection (e), all the property tax proceeds that:

   1. (1) exceed those described in subsection (c); and

   2. (2) are attributable to the assessed value of taxable real and personal property used for commercial, residential, or industrial purposes;

      shall be paid into the stadium development district fund established by section 27 of this chapter by the county auditor at the same time that the county auditor distributes property taxes to other local units of government under IC 6-1.1-27 . Any remaining property tax proceeds that exceed those described in subsection (c) that are not described in subdivision (2) shall be allocated and, when collected, paid into the funds of the respective taxing units.

5. (e) Notwithstanding any other law, the county assessor shall, upon petition of the board, reassess the taxable real and personal property situated upon or in the stadium development district effective on the next assessment date after the petition.

6. (f) Notwithstanding any other law, the assessed value of all taxable real and personal property in the stadium development district, for purposes of tax limitation, property tax replacement, and formulation of the budget, tax rate, and tax levy for each political subdivision in which the property is located is the lesser of:

   1. (1) the assessed value of the taxable real and personal property as valued without regard to this section; or
   2. (2) the base assessed value.

As added by P.L.44-2026, SEC.27.