(1) The base year taxable value of a newly created TIFD shall be determined pursuant to ARM 42.19.1407.

(2) The actual taxable value of all property within a TIFD shall be determined as of January 1 each year.

(3) The incremental taxable value for all property within a TIFD shall be determined by deducting the base taxable value from the actual taxable value each year.

(4) The base year, actual, and incremental taxable values shall be reported to all affected taxing bodies by the first Monday of August each year when the department certifies values pursuant to 15-10-202, MCA.

(5) A TIFD may include one or more levy districts. If a TIFD includes more than one levy district, the department will apportion the base taxable value and the incremental taxable value between the levy districts by:

(a) calculating the total base taxable value and the total and incremental taxable value for the TIFD; and

(b) apportioning the base taxable value and the incremental taxable value to each levy district according to its contribution to the total taxable value of the TIFD.