Effective - 28 Aug 2004
67.506. Computation of county sales tax levy. — The tax rate for counties levying a sales tax under section 67.505 shall be computed by:
(1) Dividing the amount of the sales tax revenue required for reduction under subsection 3 of section 67.505 and section 163.087 by the total assessed valuation of the county and multiplying by one hundred to determine the amount of property tax reduction; and
(2) Subtracting the property tax rate reduction in subdivision (1) of this section from the tax rate ceiling for each class of property or subclass of real property.
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(L. 2004 S.B. 960)