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(1~ ~e origiml assayed value ~d the cu~ent ~essed value shaU be <br />determin~ before the an~licatian of the [~eal diso~Htv oravis[a~ of ehaotac <br /> <br />473F. Where the original assessed value is eoual to or greater than the currant <br />assessed ;'aloe. there is no car)ture, d assessed value and no tax increment deter- <br /> <br />mination. Where ,the ori~nal assessed value is less than the c,4~ent assessed <br />value, the difference between the ori~nal assessed value and the current assessed <br />value is the caotured assessed value. This amount less any oortion thereof which <br /> <br />the authority has de~i.gnated, in its tax increment financing o!an. to share with the <br />local taxing districts is the retained caotured assessed value of the authority. <br /> <br />(2) The count,; auditor shall exclude the retained cautured assessed value <br /> <br />of the authority fi'om, the taxable value of the local taxing districts in determininz <br />local taxin~ district mitt rates. The mill rates so determined are to be extended <br /> <br />a~ainst the retain_~l enaturc~J assessed value of the attthoritv as well ~ the taxable <br /> <br />value of the local tarn%' districts. The trax .~enerated by. the extension.of the loc~ <br />taxin~ district mill rates to the retained caomred assessed value of the ,authority is <br /> <br />the tax inc.,'ement of the auth. oritv. <br /> <br /> (b) Notwithstanding clause (a) of this subdivision, the gover-ning body <br />may, by re~olution approving the t~x increment financing plan pursuant to section <br />273.74, subdivision 3, elect the folIowing method of computation: <br /> <br />25 <br /> <br /> <br />