The amount used by the County Tax Assessor to value real property for tax purposes. Assessed value is generally the market value of property. Assessed value multiplied by the tax rate determines property tax.

The total assessed value of property within the Project Area in the year in which the redevelopment project is approved.

Areas and/or structures (buildings, streets, storm drain pipes, etc.) of a community which constitute physical and/or economic liabilities which may be benefited by redevelopment in the interest of the health, safety, and general welfare of the people of the community.

Redevelopment Law of the State contained in California Health and Safety Code, Division 24, Part 1 (Section 33000 et seq).

Authority of the Redevelopment Agency to acquire property for the public purposes set forth in the Community Redevelopment Law.

The requirement that twenty percent (20%) of the tax increment be set aside to improve the quantity and/or quality of housing for very low-, low- and moderate-income families, unless certain findings can be made.

Public improvements which support development, including street lighting, street construction, storm drain systems, utility lines, etc.

What an owner could reasonably expect to receive if he/she were to sell the property on the open market.

The area which is designated in the Redevelopment Plan for redevelopment activities to take place.

The amount which a property owner pays to a taxing agency. The tax is calculated by multiplying the assessed value of the property by the tax rate.

Planning, development, replanning, redesign, clearance, reconstruction, or rehabilitation of all or part of the Project Area.

Public body created to, among other things, designate redevelopment areas, supervise and coordinate planning for a Project Area, and implement a redevelopment program.

A document that outlines a process and a basic framework within which specific redevelopment projects and/or programs will be undertaken by the Redevelopment Agency over the period of time the Plan is effective.

That area found by the legislative body to qualify for redevelopment study purposes. Redevelopment Project Area must be formed from within a survey area.

A bond or financial obligation issued by the Redevelopment Agency in order to generate revenues to implement the Redevelopment Plan. The bond is repaid with tax increments flowing to the Redevelopment Agency.

The increase in tax revenue over the revenue received from a base year value.

Method of financing redevelopment through redirecting incremental tax revenues from other taxing agencies to the Redevelopment Agency for a specified time period.

Any city, county, school district, or special district which assesses taxes to raise revenues.