10-12-44. County auditor in school district to raise additional revenue from real property taxes to compensate for tax abatement, tax increment financing district, or discretionary formula.

The county auditor in each school district shall raise additional revenue, for the general fund and special education fund, from real property taxes to compensate for a tax abatement, a tax increment financing district, or a discretionary formula as follows:

(1)    For tax increment financing districts created pursuant to chapter 11-9 the county auditor shall impose an additional tax levy for an amount not to exceed an amount equal to the sum of the levies in §§ 10-12-42 and 13-37-16 times the tax increment valuation as defined in § 11-9-1;

(2)    For property subject to § 10-6-137 or 10-6-144, the county auditor shall impose an additional tax levy for an amount not to exceed the amount of taxes that were not collected due to the reduction in valuation based on the maximum levies pursuant to §§ 10-12-42 and 13-37-16; and

(3)    For abated taxes the county auditor shall impose an additional tax levy for an amount not to exceed the amount of the school district's portion of the taxes that were abated pursuant to chapter 10-18 during the previous tax year.

The levies in this section are not subject to the referendum provision of § 10-12-43 and these levies shall maintain the same proportion to each other as represented in the mathematical relationship at the maximum levies pursuant to § 10-12-42.

Source: SL 1996, ch 69, § 17; SL 1997, ch 54, § 2; SL 2018, ch 70, § 6; SL 2020, ch 39, § 13; SL 2021, ch 44, § 44.