Definitions -- Statement of amount and purpose of levy -- Contents of statement -- Filing with county auditor -- Transmittal to commission -- Calculations for establishing tax levies -- Format of statement

# (1)

As used in this section, "budgeted property tax revenues" does not include property tax revenue received by a taxing entity from personal property that is:

# (a)

assessed by a county assessor in accordance with Part 3, County Assessment; and

# (b)

semiconductor manufacturing equipment.

# (2)

# (a)

The legislative body of each taxing entity shall file a statement as provided in this section with the county auditor of the county in which the taxing entity is located.

# (b)

The auditor shall annually transmit the statement to the commission:

(i) before June 22; or

(ii) with the approval of the commission, on a subsequent date prior to the date required by Section 59-2-1317 for the county treasurer to provide the notice under Section 59-2-1317.

# (c)

The statement shall contain the amount and purpose of each levy fixed by the legislative body of the taxing entity.

# (3)

For purposes of establishing the levy set for each of a taxing entity's applicable funds, the legislative body of the taxing entity shall calculate an amount determined by dividing the budgeted property tax revenues, specified in a budget that has been adopted and approved prior to setting the levy, by the amount calculated under Subsections 59-2-924(4)(b)(i) through (iv).

# (4)

The format of the statement under this section shall:

# (a)

be determined by the commission; and

# (b)

cite any applicable statutory provisions that:

(i) require a specific levy; or

(ii) limit the property tax levy for any taxing entity.

# (5)

The commission may require certification that the information submitted on a statement under this section is true and correct.