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