17-36-53 - Tax stability and trust fund -- Amount in fund limited -- Disposition of excess.
17-36-53. Tax stability and trust fund -- Amount in fund limited -- Disposition ofexcess.
(1) The total amount in a county's tax stability and trust fund established under Section17-36-51 shall be limited to the percentage of the total taxable value of property in that county notto exceed the limits provided in the following schedule:
Total Taxable Value Fund Limits but not to
Percentage of exceed:
Taxable Value
Less than $500,000,000 1.6% $5,000,000
From 500,000,000
to 1,500,000,000 1.0% 7,500,000
Over 1,500,000,000 .5% 15,000,000
(2) If any excess occurs in the tax stability and trust fund over the percentage ormaximum dollar amounts specified in Subsection (1), this excess shall be transferred to thegeneral fund of the county and may be used for all purposes as other amounts in the general fundare used.
(3) If any excess in the fund exists because of a decrease in total taxable value, thatexcess may remain in the fund, but if the excess amount in the fund is decreased below thelimitations of the fund for any reason, the fund limitations established under Subsection (1) apply.
Renumbered and Amended by Chapter 133, 2000 General Session