Sec. 1. As used in this chapter, "base assessed value" means:
(1) the net assessed value of all the taxable property located in a transit development district as finally determined for the assessment date immediately preceding the effective date of the resolution adopted under this chapter establishing the particular district; plus
(2) to the extent it is not included in subdivision (1), the net assessed value of property that is assessed as residential property under the rules of the department of local government finance, as finally determined for any assessment date after the effective date of the resolution.