2006 New Hampshire Statutes - Section 198:40-c Statewide Enhanced Education Tax Capacity Aid.

Beginning July 1, 2005, and for the first year of every biennium thereafter, statewide enhanced education tax capacity aid shall be calculated by the department using the adjusted equalized valuation excluding utilities, as defined in RSA 198:38, for the fiscal year that was 2 years prior to the fiscal year for which aid is to be determined as follows:
    I. Divide the total statewide equalized valuation of all municipalities, by the total statewide average daily membership in residence. The result shall be the statewide average equalized valuation excluding utilities per pupil.
    II. Divide the equalized valuation of all property in a municipality, by the average daily membership in residence in the municipality. The result shall be the local equalized valuation without utilities per pupil.
    III. Eligibility for statewide enhanced education tax capacity aid under this paragraph shall be determined as follows:
       (a) If a municipality's local equalized valuation per pupil as calculated in paragraph II is greater than or equal to the statewide average equalized valuation per pupil as calculated in paragraph I, no state enhanced aid shall be available.
       (b) If a municipality's local equalized valuation per pupil as calculated in paragraph II is less than the statewide average equalized valuation per pupil as calculated in paragraph I, the municipality shall be entitled to receive statewide enhanced education tax capacity aid in an amount equal to the following: subtract the local equalized valuation per pupil as calculated in paragraph II from the statewide average equalized valuation per pupil as calculated in paragraph I. This amount shall be divided by 1,000 then multiplied by the statewide enhanced education tax rate to be imposed statewide in the fiscal year for which this calculation is made. The result shall be multiplied by the average daily membership in residence in such municipality and shall be available to a municipality as statewide enhanced education tax capacity aid.

Source. 2005, 257:6, eff. July 1, 2005 at 12:02 a.m.