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development zone, as determined in Title 30-A, section 5284, |
| exceeds the assessed value of commercial and industrial property |
| within the zone as of the date the zone is approved by the |
| Commissioner of Economic and Community Development, known in this |
| subsection as the "sheltered value," up to the amount invested by a |
| municipality in infrastructure improvements under an infrastructure |
| improvement plan adopted pursuant to Title 30-A, section 5283. The |
| equalized just value must be uniformly assessed in each |
| municipality and unorganized place and be based on 100% of the |
| current market value. It must separately show for each municipality |
| and unorganized place the actual or estimated value of all real |
| estate that is exempt from property taxation by law or is the |
| captured value within a tax increment financing district that is |
| used to finance that district's development plan, as reported on |
| the municipal valuation return filed pursuant to section 383, or |
| that is the sheltered value of a municipal incentive development |
| zone. The valuation as filed remains in effect until the next |
| valuation is filed and is the basis for the computation and |
| apportionment of the state and county taxes; |
