(1)A local
governmental entity's property tax limit for a property tax year is equal to the base
amount of the local governmental entity's qualified property tax revenue increased
by the total of the growth rate percentage and then increased by the carryover
amount.
(1.5) As used in subsection (1) of this section and this subsection (1.5), unless
the context otherwise requires:
(a)Base amount of the local governmental entity's qualified property tax
revenue means the amount of qualified property tax revenue collected and
lawfully retained by a local governmental entity from whichever property tax year
in a previous reassessment cycle was the property tax year for which the local
governmental entity collected and lawfully retained the most property tax revenue.
Free access — add to your briefcase to read the full text and ask questions with AI
(1) A local
governmental entity's property tax limit for a property tax year is equal to the base
amount of the local governmental entity's qualified property tax revenue increased
by the total of the growth rate percentage and then increased by the carryover
amount.
(1.5) As used in subsection (1) of this section and this subsection (1.5), unless
the context otherwise requires:
(a) Base amount of the local governmental entity's qualified property tax
revenue means the amount of qualified property tax revenue collected and
lawfully retained by a local governmental entity from whichever property tax year
in a previous reassessment cycle was the property tax year for which the local
governmental entity collected and lawfully retained the most property tax revenue.
(b) (I) Carryover amount means, except as described in subsection
(1.5)(b)(II) of this section, an amount equal to the difference between:
(A) The base amount of the local governmental entity's qualified property
tax revenue that was applicable for the most recent reassessment cycle increased
by the growth rate percentage for that reassessment cycle; and
(B) The local governmental entity's qualified property tax revenue from the
year with the greatest qualified property tax revenue in the most recent
reassessment cycle.
(II) There is no carryover amount for a reassessment cycle for a local
governmental entity occurring after a reassessment cycle when that local
governmental entity retained an amount of qualified property tax revenue equal to
or greater than the total of the base amount of the local governmental entity's
qualified property tax revenue for that reassessment cycle increased by the growth
rate percentage for that reassessment cycle.
(c) Growth rate percentage means five and twenty-five hundredths percent
multiplied by the number of property tax years in the current reassessment cycle.
(2) (Deleted by amendment, L. 2024, Second Extraordinary Session.)
(3) A school district's property tax limit for a property tax year is equal to the
amount of total local share property tax revenue increased by the total of the
growth rate percentage and then increased by the carryover amount.
(4) As used in subsection (3) of this section and this subsection (4), unless
the context otherwise requires:
(a) (I) Carryover amount means, except as described in subsection (4)(a)(II)
of this section, an amount equal to the difference between:
(A) The total local share property tax revenue that was applicable for the
most recent reassessment cycle increased by the growth rate percentage for that
reassessment cycle; and
(B) The qualified local share property tax revenue from the year with the
greatest qualified local share property tax revenue in the most recent
reassessment cycle.
(II) There is no carryover amount for a reassessment cycle occurring after a
reassessment cycle when school districts retained an amount of qualified local
share property tax revenue equal to or greater than the total of the total local share
property tax revenue for that reassessment cycle increased by the growth rate
percentage for that reassessment cycle.
(b) Growth rate percentage means the greater of:
(I) Six percent multiplied by the number of property tax years in the current
reassessment cycle; or
(II) The total of the estimated school factor for the current property tax year
plus the estimated school factor for any other property tax year in the same
reassessment cycle.
(c) School factor means the total percentage of the rate by which the
general assembly increases the statewide base per pupil funding for public
education from kindergarten through twelfth grade for the relevant school year, as
determined pursuant to section 22-55-106, for all school districts in the state plus
the percentage increase in funded pupil count, as defined in section 22-54-103.5
(4), for the relevant school year for all school districts in the state.
(d) Total local share property tax revenue means the total amount of
property tax revenue collected and lawfully retained by all school districts in the
state in connection with district total program funding from whichever previous
property tax year in a previous reassessment cycle was the property tax year for
which the total amount of property tax revenue collected and lawfully retained by
all school districts in the state in connection with district total program funding was
greatest.