Computation of county sales tax levy.

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. (L. 2004 S.B. 960)