The family farm tax credit allowed each year shall be computed as follows: On or before March 1, the county auditor shall list by school districts all tracts of agricultural land which are entitled to credit, the taxable value for the previous year, the budget from each school district for the previous year, and the tax rate determined for the general fund of the school district in the manner prescribed in section 444.3 for the previous year, and if the tax rate is in excess of five dollars and forty cents per thousand dollars of assessed value, the auditor shall multiply the tax levy which is in excess of five dollars and forty cents per thousand dollars of assessed value by the total taxable value of the agricultural land entitled to credit in the school district, and on or before March 1, certify the total amount of credit and the total number of acres entitled to the credit to the department of revenue and finance.
90 Acts, ch 1250, §14; 91 Acts, ch 267, §616
Referred to in § 425A.3, 425A.6
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