426B.2 - PROPERTY TAX RELIEF FUND DISTRIBUTIONS.
426B.2 PROPERTY TAX RELIEF FUND DISTRIBUTIONS. 1. a. The moneys in the property tax relief fund available to counties for a fiscal year shall be distributed as provided in this section. A county's proportion of the moneys shall be equivalent to the sum of the following three factors: (1) One-third based upon the county's proportion of the state's general population. (2) One-third based upon the county's proportion of the state's total taxable property valuation assessed for taxes payable in the previous fiscal year. (3) One-third based upon the county's proportion of all counties' base year expenditures, as defined in section 331.438. b. Moneys provided to a county for property tax relief in a fiscal year, excluding replacement taxes in the property tax relief fund, in accordance with this subsection shall not be less than the amount provided for property tax relief in the previous fiscal year. 2. The distributions under subsection 1 shall continue to be made until the combined amount of the distributions made under subsection 1 are equal to fifty percent of the total of all counties' base year expenditures as defined in section 331.438. 3. a. The director of human services shall draw warrants on the property tax relief fund, payable to the county treasurer in the amount due to a county in accordance with subsection 1 and mail the warrants to the county auditors in July and January of each year. b. Any replacement generation tax in the property tax relief fund as of May 1 shall be paid to the county treasurers in July and January of the fiscal year beginning the following July 1. The department of management shall determine the amount each county will be paid pursuant to this lettered paragraph for the following fiscal year. The department shall reduce by the determined amount the amount of each county's certified budget to be raised by property tax for that fiscal year which is to be expended for mental health, mental retardation, and developmental disabilities services and shall revise the rate of taxation as necessary to raise the reduced amount. The department of management shall report the reduction in the certified budget and the revised rate of taxation to the county auditors by June 15. 4. As used in this chapter, and in sections 331.438 and 331.439, "population" means the latest applicable population estimate issued by the federal government.
Section History: Recent Form 95 Acts, ch 206, §18; 96 Acts, ch 1205, § 4, 5; 97 Acts, ch 198, §5; 98 Acts, ch 1100, § 59; 98 Acts, ch 1213, § 7, 9; 2001 Acts, ch 191, §44; 2003 Acts, ch 106, §1, 15; 2008 Acts, ch 1187, §49 Referred to in § 331.424A, 331.438, 331.439, 426B.1, 426B.3, 437A.8, 437A.15, 445.5