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South Bend Redevelopment Commission <br />Regular Meeting –June 5, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />I. Other <br /> <br />(1) continued… <br /> <br />These calculations are necessary every year <br />in which there is a reassessment of all <br />properties. Historically, these calculations <br />were only required once every ten years <br />when a general reassessment was done. <br />However, now these calculations are needed <br />every year, since every year all property <br />values are adjusted for market trending. <br /> <br />This calculation adjusts the base assessed <br />value for each TIF area to “neutralize” the <br />effect of the reassessment. To achieve this <br />neutralization, the base assessed values are <br />adjusted to reflect growth in the county <br />versus the TIF area, and to achieve the <br />amount of tax revenue collected in the prior <br />year plus tax revenue due to new “real <br />growth” and tax abatement roll offs. <br /> <br />Mr. Inks noted that the Commission has used <br />Crowe for a number of years and find them <br />to be very reliable. Staff recommends <br />approving the proposal. <br /> <br />Mr. Varner asked if the Department of Local <br />Government Finance has its own numbers <br />run and compares them to ours, or simply <br />accepts the numbers we provide. Mr. Inks <br />responded that he is not aware that the DLGF <br />contracts for a separate neutralization <br />accounting. <br /> <br />Ms. King suggested that if this is an annual <br />need, we should bid the work out every few <br />years. Mr. Inks agreed. <br /> <br /> 18 <br /> <br />