15-994. State equalization assistance property tax levy

A. The board of supervisors of each county, at the time of levying other taxes, shall annually levy a state equalization assistance property tax on the property within the county. The tax levy for state equalization assistance shall be at a rate determined pursuant to section 41-1276, except that if the rate determined pursuant to section 41-1276 for the prior fiscal year generated more funding than was needed to fund total equalization assistance for all school districts in the county for the prior fiscal year pursuant to section 15-971, subsection C, paragraph 1, as determined by the department of education, the state equalization assistance property tax rate for the county for the current fiscal year shall equal the rate that would have generated for that county for the prior fiscal year the amount needed to fund total equalization assistance for all school districts in that county for the prior fiscal year pursuant to section 15-971, subsection C, paragraph 1, as determined by the department. On or before August 1 of each fiscal year, the department shall notify the board of supervisors of a county of the state equalization property tax rate that would have generated for the county for the prior fiscal year the amount needed to fund total equalization assistance for all school districts in that county for the prior fiscal year pursuant to section 15-971, subsection C, paragraph 1, if that rate is lower than the rate determined for the county for the prior fiscal year pursuant to section 41-1276. The tax levy provided for in this section is not subject to title 42, chapter 17, articles 2 and 3. Except as provided in section 15-365, the county treasurer shall apportion all monies collected from the state equalization assistance property tax levy to the school districts within the county in accordance with section 15-971, subsection C at the same time as other tax levy monies are apportioned as provided in section 42-18001.

B. At the same time the county assessor is required to transmit values to the county school superintendent as provided in section 42-17052, the assessor of each county shall provide in an electronic format to the superintendent of public instruction the assessed valuation used for determining the primary property tax rate and the secondary property tax rate for each school district in the county. On or before January 15, the county assessor of each county shall provide in an electronic format to the superintendent of public instruction the actual assessed valuation used for determining the primary property tax rate and the secondary property tax rate for each school district in the county, including any revisions made due to changes in the valuation of personal property after the tax rates were determined.