For tax years beginning on or after April 1, 2000, the State Tax |
Assessor shall determine annually the amount of acreage in each |
municipality that is classified as farmland and taxed in |
accordance with this subchapter.__A municipality actually levying |
and collecting municipal property taxes and within whose |
boundaries this acreage lies is entitled to annual payments from |
money appropriated by the Legislature if the municipality submits |
an annual return in accordance with section 383 and it achieves |
the appropriate minimum assessment ratio described in section |
327.__The reimbursement is equal to 90% of the per-acre tax |
revenue lost as a result of this subchapter.__For purposes of |
this subsection, the tax revenue lost is the tax that would have |
been assessed, but for this subchapter, on the classified |
farmlands if they had been assessed according to the undeveloped |
acreage valuations used in the state valuation then in effect or |
according to the current local valuation on undeveloped acreage, |
whichever is less, minus the tax that was actually assessed on |
the same lands in accordance with this subchapter.__A |
municipality that fails to achieve the minimum assessment ratio |
established in section 327 loses 10% of the reimbursement |
provided by this subsection for each one percentage point the |
minimum assessment ratio falls below the ratio established in |
section 327.__The State Tax Assessor shall pay any municipal |