§ 970-p. Allocation of taxes. (a) Any redevelopment plan may contain a\nprovision that real property taxes levied upon taxable real property in\nthe project area each year by or for the benefit of the municipality or\nmunicipalities and school districts after the effective date of the\nresolution approving the redevelopment plan, shall be divided as\nfollows:\n (i) that portion of the real property taxes not in excess of the\namount which would be produced by applying the rate upon which the tax\nis levied each year by or for each municipality and school district to\nthe total sum of the assessed value of the taxable real property in the\nproject area as shown upon the assessment roll used in connection with\nthe taxation of such property by such municipality and school district,\nlast adopted prior to the effective date of the resolution approving\nsuch plan, shall be allocated to and when collected shall be paid into\nthe funds of the respective municipalities and school districts as real\nproperty taxes collected by or for said municipalities and school\ndistricts adopting the redevelopment plan;\n (ii) that portion of the real property taxes levied each year in\nexcess of the portion allocated and paid pursuant to paragraph (i) of\nthis subdivision shall be allocated to and when collected shall be paid\ninto the fund or funds established for such purposes to pay the\nprincipal and interest on indebtedness incurred by such municipality\npursuant to section nine hundred seventy-o of this article or, if the\nredevelopment plan so provides, the amount allocated and paid in excess\nof interest and principal and necessary reserves may be expended for\namounts of money to be paid in lieu of taxes. Unless and until the total\nassessed valuation of the taxable property in a project area exceeds the\ntotal assessed value of the taxable real property in such project area\nas shown by the last assessment roll referred to in paragraph (i) of\nthis subdivision, all of the real property taxes levied and collected\nupon the taxable real property in such project area shall be paid into\nthe funds of the respective municipalities and school districts. When\nsuch indebtedness, if any and interest thereon, have been paid, all\nmoneys thereafter received from real property taxes upon the taxable\nreal property in such project area shall be paid into the funds of the\nrespective municipalities and school districts as real property taxes on\nall other real property are paid;\n (iii) whenever the total amount of real property taxes allocated\npursuant to paragraph (ii) of this subdivision exceeds the amounts\nallocated and paid for interest and principal and necessary reserves,\nand for amounts to be paid in lieu of taxes, the amount of taxes in\nexcess of such amounts shall be paid into the funds of the respective\nmunicipalities and school districts as taxes on all other real property\nare paid;\n (iv) the allocation of taxes authorized by this section shall apply to\ntaxable years beginning after the effective date of the resolution\napproving the redevelopment plan.\n (b) Whenever real property in any redevelopment project has been\nredeveloped and thereafter is leased by the municipality to any person\nor persons or whenever the agency leases real property in any\nredevelopment project to any person or persons for redevelopment, the\nproperty shall be assessed and taxed in the same manner as privately\nowned real property and the lease or contract shall provide that the\nlessee shall pay real property taxes upon the assessed value of the\nentire real property and not merely the assessed value of his or her\nleasehold interest.\n (c) In any municipality or school district subject to the allocation\nof revenues pursuant to this section the assessed value of taxable real\nproperty located in a project area shall be included on the taxable\nportion of the assessment roll, provided, however, that notwithstanding\nany provision of law to the
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