modify provisions for a tax increment financing district.

Modified assessment rules for structures in tax increment financing districts to ensure discretionary formulas cannot be used for properties within these districts, maintaining consistent valuation across the district.

Added eligibility for affordable housing structures containing four or more units with rental rates at or below 60% of the area median income for at least ten years, provided they meet a minimum value threshold of thirty thousand dollars.

Added eligibility for residential structures in redevelopment neighborhoods with a minimum value threshold of five thousand dollars, expanding the types of properties that can receive special tax classification.

Added a new category for commercial, industrial, or nonresidential agricultural property that increases more than ten thousand dollars in value due to reconstruction or renovation.

Clarified that after the five-year period under the section, property must be assessed at the same percentage as all other property for tax purposes, establishing a clear timeline for when special assessments end.