15-1-1005. (Temporary) Homeowner's tax payment -- amount. (1) Each claimant meeting the requirements of this part shall receive a homeowner's tax payment from the department if the amount of the payment exceeds $25.
     (2) The amount of the payment is determined by multiplying:
     (a) the amount of market value of the residence identified in 15-1-1002(1)(b), including land and improvements, for the 1993 tax year that exceeds 115% of the market value for the 1992 tax year; times
     (b) the tax rate that applied to the residence in tax year 1993; times
     (c) the mill levy that applied to the residence in tax year 1993.
     (3) A payment may not exceed $1,000. (Terminates December 31, 1996--sec. 15, Ch. 574, L. 1995.)

     History: En. Sec. 5, Ch. 574, L. 1995.