(1) In cases where a TIFD boundary amendment adds new property to an existing TIFD:

(a) the base year taxable value of the properties located within the original existing TIFD will not change; and

(b) the base year taxable value of the property being added to the TIFD by the boundary amendment will be calculated pursuant to ARM 42.19.1407.

(2) In cases where a TIFD boundary amendment removes property from an existing TIFD:

(a) the base year taxable value of the original TIFD will not change; and

(b) the total actual taxable value of the TIFD will be reduced by the value of the property that has been amended out of the TIFD. The value of the property being amended out of the TIFD will be the actual taxable value determined by the department for ad valorem tax purposes as of January 1 of the year in which the department is notified of the amendment. An amendment that removes property from a TIFD will cause a reduction in the incremental taxable value of the TIFD.

(3) The department shall report the base year, actual, and incremental taxable values of an amended or changed TIFD to all affected taxing bodies pursuant to ARM 42.19.1408.