This section adds a new section to an existing chapter 84.36. Here is the modified chapter for context.
When, as a result of a court ruling, a taxing district loses taxable value within its district, the levies that would have been imposed by the taxing district on that portion of property shall be deducted from future levies as follows:
In the year in which the district loses taxable value as a result of a court ruling, 25 percent of the value shall shift to the total levy;
In the year after the district loses taxable value as a result of a court ruling, 50 percent of the value shall shift to the total levy;
In the second year after the district loses taxable value as a result of a court ruling, 75 percent of the value shall shift to the total levy; and
In the third year after the district loses taxable value as a result of a court ruling, 100 percent of the value shall shift to the total levy.
This act applies to taxes levied for collection in 2022 and thereafter.