Section 1. Debt service equalization revenue. Modifies the calculation of debt service equalization revenue. Provides that the amount in excess of 12.5% of the district’s adjusted net tax capacity is eligible for equalization in a single tier. Removes the calculation for second tier equalization.
Section 2. Equalized debt service levy. Modifies the calculation of the equalized debt service levy. Provides that the levy is equal to the district’s debt service equalization revenue times the ratio of (1) the district’s ANTC per adjusted pupil unit to (2) 100% of the state average ANTC per adjusted pupil unit.
Section 3. Debt service equalization aid. Modifies the calculation of debt service equalization aid. Provides that aid equals the district’s debt service equalization revenue minus the equalized debt service levy.
Section 4. Referendum equalization revenue. Modifies the calculation of second tier referendum equalization revenue. Increases the second tier threshold to $1,000.
Section 5. Referendum equalization levy. Modifies the calculation of referendum equalization levy. Increases the second tier equalizing factor to $640,000 and increases the third tier equalizing factor to $400,000.
Effective dates. All sections are effective for revenue in fiscal year 2019 and later.
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