Iowa Code 257.15 – Property tax adjustment
Terms Used In Iowa Code 257.15
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Base year: means the school year ending during the calendar year in which a budget is certified. See Iowa Code 257.2
- Budget year: means the school year beginning during the calendar year in which a budget is certified. See Iowa Code 257.2
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Property: means a tangible object, animate or inanimate, under a museum's care which has intrinsic historic, artistic, scientific, or cultural value. See Iowa Code 305B.2
- Property tax adjustment: means state aid distributed to those school districts in which the property tax revenues generated under this chapter would be higher than the revenues generated under Iowa Code 257.2
- School: means an agency of the state or political subdivision of the state, individual, partnership, company, firm, society, trust, association, corporation, or any combination which meets any of the following criteria:a. See Iowa Code 261B.2
- School district: means a school corporation organized under chapter 274. See Iowa Code 257.2
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
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 adjusted 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 regular program foundation base per pupil percentage under section 257.1. 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.