The governing body of a county shall allocate all moneys in the county's property tax reduction fund as a credit against the county property tax levy on all property classified as owner-occupied, as defined in § 10-13-39 , in an equal percentage. All additional moneys in the fund after one hundred percent of the county property tax levy on owner-occupied property is supplanted must be used to provide a credit against the county property tax levy on all property classified as agricultural and nonagricultural in an equal percentage. Notwithstanding the provisions of this section, the governing body may allocate moneys in the county's property tax reduction fund in an amount necessary to implement the requirements of this chapter, not to exceed two percent of all moneys deposited in the fund during the first year in which the county imposes a gross receipts tax and not to exceed twenty thousand dollars in each year thereafter.
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