| | | 5.__Adjustment for new state funding.__In the event the State | | provides net new funding to a municipality for existing services | | funded in whole or in part by property taxes, other than required | | state mandate funds pursuant to section 5685 that do not displace | | current property tax expenditures, the municipality shall lower | | its property tax levy limit in that year in an amount equal to | | the net new funds.__For purposes of this subsection, "net new | | funds" means the amount of funds received by the municipality | | from the State in that fiscal year, with respect to services | | funded in whole or in part by property taxes, 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 set forth in | | subsection 4; plus the municipality's annual property growth | | factor as defined in subsection 1.__In the event a municipality | | receives net new funds in any fiscal year for which its levy | | limit has not been adjusted as provided in this subsection, the | | municipality shall adjust its levy limit in the following year in | | an amount equal to the net new funds. |
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| | | 6.__Mill rate.__Notwithstanding Title 36, chapter 103, a | | municipality may, without the need for voter approval, establish | | a property tax mill rate at any level it considers appropriate | | and may establish any method of computing property taxes, | | provided that, in establishing such mill rate or method of | | computation, the tax rate and computation method do not cause the | | total property tax levy of the municipality to exceed its | | property tax levy limit. |
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| | | 7.__Certain taxes.__Nothing in Title 36, chapter 103 may be | | interpreted to prohibit the imposition of special district taxes, | | user fees or county taxes on any real or personal property, | | provided such taxes or fees are otherwise permitted by law. |
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| | | 8.__Extraordinary events.__Upon the affirmative vote of a | | majority of its legislative body, a municipality may exceed its | | property tax levy 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 legislative body such as a natural | | disaster, severe weather event, act of God, act of terrorism, | | fire, war and riot, but in no event may "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 municipality's property tax | | levy 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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