257.15 - PROPERTY TAX ADJUSTMENT.
257.15 PROPERTY TAX ADJUSTMENT.
1. Property tax adjustment for 1991-1992.
a. For the budget year beginning July 1, 1991, the department
of management shall calculate for each district the difference
between the sum of the revenues generated by the foundation property
tax and the additional property tax in the district calculated under
this chapter and the revenues that would have been generated by the
foundation property tax and the additional property tax in that
district for that budget year calculated under chapter 442, Code
1989, if chapter 442 were in effect, except that the revenues that
would have been generated by the additional property tax levy under
chapter 442 shall not include revenues generated for the school
improvement program. However in making the calculation of the
difference in revenues under this subsection, the department shall
not include the revenues generated under section 257.37 and under
chapter 442, Code 1989, for funding media and educational services
through the area education agencies. If the property tax revenues
for a district calculated under this chapter exceed the property tax
revenues for that district calculated under chapter 442, Code 1989,
the department of management shall reduce the revenues raised by the
additional property tax levy in that district under this chapter by
that difference and the department of education shall pay property
tax adjustment aid to the district equal to that difference from
moneys appropriated for property tax adjustment aid.
b. For purposes of this subsection, in computing the amount
of revenues generated by the foundation property tax and the
additional property tax under chapter 442, Code 1989, the computation
shall be based on a regular program foundation base per pupil of
eighty-three percent of the regular program state cost per pupil
except that for the portion of weighted enrollment that is additional
enrollment because of special education the regular program
foundation base per pupil shall be seventy-nine percent of the
regular program state cost per pupil. The special education support
services foundation base shall be seventy-nine percent of the special
education support services state cost per pupil.
2. Property tax adjustment aid for 1992-1993 and succeeding
years. For the budget year beginning July 1, 1992, and succeeding
budget years, the department of education shall pay property tax
adjustment aid to a school district equal to the amount paid to the
district for the base year less an amount equal to the product of the
percent by which the taxable valuation in the district increased, if
the taxable valuation increased, from January 1 of the year prior to
the base year to January 1 of the base year and the property tax
adjustment aid. The department of management shall adjust the rate
of the additional property tax accordingly and notify the department
of education of the amount of aid to be paid to each district from
moneys appropriated for property tax adjustment aid.
3. Property tax adjustment aid appropriation. There is
appropriated from the general fund of the state to the department of
education, for each fiscal year, an amount necessary to pay property
tax adjustment aid to school districts under this section. Property
tax adjustment aid shall be paid to school districts in the manner
provided in section 257.16.
4. a. Allocations for maximum adjusted additional property
tax levy rate calculation and adjusted additional property tax levy
aid. The department of management shall allocate from amounts
appropriated pursuant to section 257.16, subsection 1, and from funds
appropriated from the property tax equity and relief fund created in
section 257.16A for the purpose of calculating the statewide maximum
adjusted additional property tax levy rate and providing adjusted
additional property tax levy aid as provided in section 257.4,
subsection 1, paragraph "b", an amount equal to the sum of
subparagraphs (1) and (2) as follows:
(1) From the amount appropriated from the general fund of the
state pursuant to section 257.16, subsection 1, equal to the
following:
(a) For the budget year beginning July 1, 2006, six million
dollars.
(b) For the budget year beginning July 1, 2007, twelve million
dollars.
(c) For the budget year beginning July 1, 2008, eighteen million
dollars.
(d) For the budget year beginning July 1, 2009, and succeeding
budget years, twenty-four million dollars.
(2) From the amount appropriated from the property tax equity and
relief fund created in section 257.16A.
b. After lowering all school district additional property tax
levy rates to the statewide maximum adjusted additional property tax
levy rate under paragraph "a", the department of management shall
use any remaining funds at the end of the calendar year to further
lower additional property taxes by increasing for the budget year
beginning the following July 1, the state foundation base percentage.
Moneys used pursuant to this paragraph shall supplant an equal amount
of the appropriation made from the general fund of the state pursuant
to section 257.16 that represents the increase in state foundation
aid. Section History: Recent Form
89 Acts, ch 135, § 15; 91 Acts, ch 6, § 1; 91 Acts, ch 267, §519;
2006 Acts, ch 1182, §39, 53; 2008 Acts, ch 1134, §2
Referred to in § 257.4, 257.16, 257.16A