| | | received by the county from the State in that fiscal year, with | | respect to services funded in whole or in part by assessments, | | less the following product:__the amount of such funds received in | | the prior fiscal year multiplied by an adjustment factor.__The | | adjustment factor equals:__one; plus the income growth factor | | described in subsection 3; plus the annual property growth factor | | for member municipalities as defined in subsection 1.__In the | | event a county receives net new funds in any fiscal year for | | which its assessment limit has not been adjusted as provided in | | this subsection, the county must adjust its assessment limit in | | the following year in an amount equal to the net new funds. |
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| | | 5.__Extraordinary events.__Upon the affirmative vote of a | | majority of its governing body, a county may exceed its | | assessment limit in such an amount as necessary to comply with a | | court order or decree or to respond to an extraordinary event.__ | | An "extraordinary event" includes any catastrophic event outside | | the control of the county commissioners such as a natural | | disaster, severe weather event, act of God, act of terrorism, | | fire, war and riot, but in no event may an "extraordinary event" | | include a change in economic conditions, revenue shortfall or | | increase in salaries or benefits.__An appropriation made under | | this subsection may not cause the county's assessment limit to be | | adjusted for any future fiscal years nor may such an | | appropriation continue for longer than required to comply with | | the court order or decree or to address the extraordinary event. |
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| | | 6.__Referendum.__A county may elect to raise its assessment | | limit upon the affirmative vote of the voters of the county by | | written referendum vote held at any regular or special election.__ | | Notwithstanding any law to the contrary, such referendum may be | | called only upon the affirmative vote of a majority of the county | | commissioners and must be governed according to state law and any | | applicable charter.__The warrant for the referendum must set | | forth the question to be determined, which must be in the | | following form:__"Do you favor raising the levy limit of [name of | | county] for the purpose of [insert purpose]?" |
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| | | 7.__Treatment of surplus.__Any assessments collected by a | | county in any fiscal year in excess of its assessment limit, as | | determined by a final audited accounting, must be transferred to | | a property tax relief fund, which each county must establish, and | | used to reduce assessments in subsequent fiscal years.__Nothing | | in this subsection is intended to limit the ability of a county | | to maintain adequate reserves as permitted by law, provided that | | annual allocations or appropriations of funds to reserves are | | treated as appropriations subject to the appropriation limits set | | forth in subsection 1. |
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