§ 22-54-111 — Adjustments in valuation for assessment

(1) For each budget
year, in calculating the total amount of revenue which a district is entitled to
receive from the property tax levy for the general fund of a district during the
budget year, the valuation for assessment of a district shall be adjusted as provided
in subsection (2) of this section.

(2) If the valuation for assessment of a district includes the value of a certain
property that was formerly tax-exempt but becomes taxable as a result of a
change in the applicable state law and said inclusion is challenged by
administrative appeal or litigation or both and the property taxes attributable to
said property are not paid pending the outcome of said challenge, the valuation for
assessment attributable to said property shall be subtracted from the valuation for
assessment of the school district. If said property is finally determined to have been
properly included in the district's valuation for assessment, the valuation for
assessment attributable to said property shall be restored to the district's valuation
for assessment, and the state general fund shall be reimbursed in full by the school
district after collection of taxes, plus interest at the same rate as provided by
statute for penalty interest on unpaid property taxes.

Legislative History

Source: L. 94: Entire article added with relocations, p. 798, � 2, effective April 27.