2023 New Hampshire Revised Statutes › Title XVII - Housing and Redevelopment › Chapter 205 - Redevelopment Projects › Section 205:4-c - Cooperation in Undertaking Tax Increment Financing for Redevelopment Projects.

205:4-c Cooperation in Undertaking Tax Increment Financing for Redevelopment Projects. –
Any municipality may, in addition to the cooperation provided in RSA 203:23, authorize financing for any redevelopment project as provided in paragraphs I and II and may enter into an agreement with an authority relating to one or more redevelopment projects, which need not be contiguous nor undertaken simultaneously, to provide that the taxes raised by assessment on the taxable property included as part of a redevelopment project shall be divided as follows:
I. In each year, that portion of the taxes for said year which would be raised from said taxable property (including taxable property added to a redevelopment project area by amendment of a redevelopment plan) by the rate at which the tax is assessed for said year by and for the municipality upon the initial valuation thereof in the tax year in which the redevelopment plan for the project was first approved, shall be allocated to the municipality as taxes by and for said municipality; and
II. Of the taxes raised each year by the rate at which the tax is assessed for said year upon the actual valuation of the taxable property in the redevelopment project as shown upon the assessors' valuation books for that year, that portion which is in excess of the amount described in paragraph I hereof shall be allocated to and, when collected, shall be paid into a special fund of the authority for the payment of the principal of and interest on loans, moneys advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by such authority to finance or refinance, in whole or in part, such redevelopment project. Unless and until the total sum of the valuations of the taxable property in the redevelopment project exceeds the initial valuation, all of the taxes raised from said property shall be allocated to the municipality as taxes by and for said municipality. When such loans, advances, and indebtedness, if any, and interest thereof, have been paid or when the sums held in the special fund created hereby together with the interest thereon, are sufficient to make such payment, all moneys thereafter received from taxes upon the taxable property in such redevelopment project shall be allocated to the municipality as taxes by and for said municipality and the agreement shall in all respects terminate.
III. The provisions of this section shall apply to any redevelopment project previously undertaken or to be undertaken.
IV. In this section:
(a) "Initial valuation" means (1) the total sum of the valuations of the taxable property in a redevelopment project as shown in the last assessor's valuation books used in connection with the taxation of such property prior to the initial approval of the redevelopment plan for the redevelopment project by the municipality, reduced for each tax year by the total sum of valuations of property in the redevelopment project which are exempt from taxation by reason of acquisition by the authority or by any other person or public body after such initial approval; or (2) whatever other figure shall be established by the municipality in the initial approval vote;
(b) "Taxes by and for said municipality" includes all taxes, assessments or other charges raised by the municipality through taxes on property in said municipality for the benefit of itself or of other governmental jurisdictions or both.
Source.
1977, 276:2, eff. Aug. 21, 1977.