The State Tax Commission has ruled that the initial value of the property is reported on the tax roll on which it was assessed in the initial year. The current value of the property is reported on the tax roll on which it was assessed in the current year.

For initial value, show SEVs for properties included in a plan before May 22, 1995, and show taxable values for properties added to a plan after May 22, 1995. All values should be reported at 100% (including IFT, CFT and Tech Park properties).

Note that initial values will usually remain the same from year to year after the plan is begun. The initial values will change only if the boundaries of the development area were amended, if there was a Board of Review change, or if there was a Tax Tribunal change affecting the initial year.

Example 1: real property that has switched tax rolls since the initial year:

• IFT property initial value $200,000
• Certificate expired, so current value of $250,000 moves to the ad valorem non-homestead roll
  • Ad valorem roll       Initial Value      Current Value      Captured value
    ABC Company              0                  250,000                250,000
  • IFT roll                   Initial Value      Current Value      Captured value
    ABC Company         200,000                  0                   <200,000>

Example 2: personal property that has been removed from the premises:

• Ad valorem roll        Initial Value       Current Value         Captured value
  XYZ equipment            500                        0                         <500>

Example 3: personal property that is new:

• Ad valorem roll        Initial Value       Current Value         Captured value
  MMM equipment            0                      400                          400