When a portion of a county is detached and annexed to another county, the personal property of the school district whose boundaries are conterminous with the boundaries of the county from which territory is annexed shall be divided between the school districts in the same proportion as the ratio of the assessed valuation of the territory detached to the total assessed valuation of the territory of the county before the portion was detached and annexed. All real property of the school district situated in the portion of the county detached and annexed shall become the property of the school district of which it becomes a part.
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