SEC. 27-33-77. Reimbursement of tax losses; limitations.
Beginning with the 1985 supplemental roll, and for each succeeding year's roll thereafter, the amount of tax loss to be reimbursed because of exemptions provided for in this article shall be Fifty Dollars ($50.00) each for county taxes exempted and school taxes exempted for a total of One Hundred Dollars ($100.00) per applicant qualifying for homestead exemption under this article.
The reimbursement received by the county shall be distributed by the county treasurer to the general fund. Such reimbursement may be pledged as security for any loan received by the county for the purpose of capital improvements as authorized under Section 57-1-303, or for the purpose of loans as authorized under Section 17-24-7, or for the purpose of water systems improvements as authorized under Section 41-3-16.
Provided further, that tax losses sustained by municipalities because of exemptions granted to homeowners described in subsection (2) of Section 27-33-67 shall be reimbursed up to the amount of the actual exemption allowed, not to exceed Two Hundred Dollars ($200.00) per qualified applicant.
SOURCES: Laws, 1984, ch. 453, Sec. 7; 1987, ch. 372, Sec. 4; 1994, ch. 570, Sec. 19; 1995, ch. 521, Sec. 4; 1995, ch. 563, Sec. 21, eff from and after July 2, 1995