Tax abatement--Tax increment financing district--Discretionary formula--Additional revenue to be raised as compensation

The county auditor having jurisdiction over a 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 in accordance with the following:

# (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 multiplied by the tax increment value, as defined in § 11-9 -1;

# (2)

For property subject to § 10-6-137 , 10-6-137 .1, 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 value 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 must maintain the same proportion to each other, as represented in the mathematical relationship at the maximum levies pursuant to § 10-12-42 .

Last amended: 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; SL 2022, ch 29 , § 5. Effective July 1, 2026 10-12-44 . Tax abatement--Tax increment financing district--Discretionary formula--Additional revenue raised as compensation. The county auditor having jurisdiction over a 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 ta

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