Amends existing law to revise the distribution of property tax revenue between taxing districts and revenue allocation areas.

This legislation deals with the allocation of property tax revenue in an urban renewal district. Currently, upon creationofthedistrict,thebasevalueisfrozenfortaxdistributionpurposesformosttaxingdistricts. Thisfreeze continues for the life of the district which can be up to 20 years. The intent of the legislation is to recognize that local taxing districts need at a minimum, a cost-of-living adjustment to pay for increased services caused by new growth. This legislation would provide that five percent of any increment value be added to the base with the urban renewal district receiving ninety-five percent of that increment assessed value.