10-6-133 - Property tax levy -- Time for setting -- Computation of total levy -- Apportionment of proceeds -- Maximum levy.
10-6-133. Property tax levy -- Time for setting -- Computation of total levy --Apportionment of proceeds -- Maximum levy.
(1) Before June 22 of each year, or August 17 in the case of a property tax rate increaseunder Sections 59-2-919 through 59-2-923, the governing body of each city, including chartercities, at a regular meeting or special meeting called for that purpose, shall by ordinance orresolution set the real and personal property tax levy for various municipal purposes, but the levymay be set at an appropriate later date with the approval of the State Tax Commission.
(2) In its computation of the total levy, the governing body shall determine therequirements of each fund for which property taxes are to be levied and shall specify in itsordinance or resolution adopting the levy the amount apportioned to each fund.
(3) The proceeds of the levy apportioned for General Fund purposes shall be credited asrevenue in the General Fund.
(4) The proceeds of the levy apportioned for special fund purposes shall be credited tothe appropriate accounts in the applicable special funds.
(5) The combined levies for each city, including charter cities, for all purposes in anyyear, excluding the retirement of general obligation bonds and the payment of any interest, andtaxes expressly authorized by law to be levied in addition, may not exceed .007 per dollar oftaxable value of taxable property.
Amended by Chapter 118, 1989 General Session