(1) As used in this section: (a) "Centrally assessed new growth" means the same as that term is defined in Section 59-2-924. (b) "Centrally assessed new growth revenue" means an amount calculated by multiplying a taxing entity's centrally assessed new growth for a calendar year by the taxing entity's final tax rate adopted under this part for that year. (2) (a) On or before December 31 of each year, the county treasurer shall remit the amount calculated under Subsection (2)(b) to the Division of Finance. (b) The amount to be remitted to the Division of Finance under this Subsection (2) shall be the sum of centrally assessed new growth revenue for each taxing entity in the county for that year multiplied by 7%. (c) Notwithstanding the remittance of money under this Subsection (2), for purposes of calculating a tax rate, a taxing entity shall recognize total centrally assessed new growth in the following year's budgeted revenue. (3) Beginning in 2027, by no later than June 30 of each year, the Division of Finance shall deposit into the Species Protection Account created in Section 23A-3-214 the amounts remitted to the Division of Finance under Subsection (2) after subtracting the administrative charge described in Subsection (4). (4) Notwithstanding the other provisions of this section, the Division of Finance may retain an administrative charge for the costs associated with implementing this section from the amounts remitted to the Division of Finance under Subsection (2).
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