§ 30-330. Same—Method of calculation.

(a)

The most recently approved tax roll prior to June 11, 1990 used in connection with the taxation of real property in the community redevelopment area shall be the real property assessment roll of the county reflecting valuation of real property for purposes of ad valorem taxation as of January 1, 1989 (the base year value) and submitted to the state department of revenue pursuant to F.S. § 193.1142, and all deposits into the fund shall be in the amount of tax increment calculated as provided in subsection (b) based upon increases in valuation of taxable real property from the base year value.

(b)

The tax increment shall be determined and appropriated annually by each taxing authority and shall be an amount equal to ninety-five (95) percent of the difference between:

(1)

The amount of ad valorem taxes levied each year by all taxing authorities on taxable real property located within the geographic boundaries of the community redevelopment area; and

(2)

That amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by or for all taxing authorities, upon the total of the assessed value of the taxable real property in the community redevelopment area as shown upon the assessment roll used in connection with the taxation of such property by all taxing authorities, prior to June 11, 1990.

(Ord. No. 90-13, §§ 4, 5, 6-11-90)