1. 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:
a. One-third based upon the county's proportion of the state's general population.
b. 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.
c. One-third based upon the county's proportion of all counties' base year expenditures, as defined in section 331.438.
Moneys provided to a county for property tax relief in a fiscal year 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. 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 September and March of each year.
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.
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
Referred to in § 331.424A, 331.438, 331.439, 426B.1, 426B.3, 444.25A, 445.5
Subsection 4 applies to county budgets prepared and levies certified commencing with the fiscal year beginning July 1, 1999; emergency rules; 98 Acts, ch 1213, § 9
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