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Tax abatement property tax replacement. Provides an additional property tax replacement credit against township levies to a taxpayer in a municipal taxing district in which the assessed valuation subject to tax abatement is proportionally greater than the average assessed valuation (weighted for the relative taxable assessed value) subject to tax abatement in other taxing districts in a municipality. Imposes a levy to replace the revenue lost due to the credit in each municipal taxing district in which the assessed valuation subject to tax abatement is proportionally less than the average assessed valuation subject to tax abatement.
