The administrative auditor of each planning region participating in the regional property tax base revenue sharing system shall distribute the moneys remitted to such auditor pursuant to section 12-62v to each municipality on or before March first, annually, in an amount which bears the same proportion as such municipality's municipal distribution index bears to the total of all municipal distribution indices within such planning region. The revenue distributed to a municipality under this section shall be used by a municipality in the same manner and for the same purposes as the proceeds from taxes on real property levied by the municipality.
(P.A. 15-244, S. 215.)
History: P.A. 15-244 effective October 1, 2015, and applicable to assessment years commencing on or after October 1, 2015.