- (1) Adjustments for property tax incentives are limited to instances where an incentive payment in lieu of tax is calculated on the basis of the actual rate applied to a fixed assessment and not a percentage of an assessment.
(2) In determining TIF adjustments, the jurisdiction may also exclude from the taxable value appearing on the roll:
- (a) The taxable value of properties subject to tax increment financing provisions adopted by the governing body pursuant to statute; and
- (b) The taxable value of properties within an area for which an economic impact plan has been approved by the governing body.
Authority: T.C.A. §§ 4-3-5103, 67-1-305, and 67-5-1601. Administrative History: Original rules filed April 1, 2020; effective June 30, 2020.