79-4508. Amount of claim, computation; determination of amount of claim by department. (a) Commencing in the tax year beginning after December 31, 2005, the amount of any claim pursuant to this act and under this section shall be computed by deducting the amount computed under column (2) from the amount of claimant's property tax accrued.

(b) The director of taxation shall prepare a table under which claims under this act and this section shall be determined. The amount of claim for each bracket shall be computed only to the nearest $1.

(c) The claimant may elect not to record the amount claimed on the claim. The claim allowable to persons making this election shall be computed by the department which shall notify the claimant by mail of the amount of the allowable claim.

(d) In the case of all tax years commencing after December 31, 2004, the upper limit threshold amount prescribed in this section, shall be increased by an amount equal to such threshold amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) of the federal internal revenue code for the calendar year in which the taxable year commences.

History: L. 1970, ch. 403, § 8; L. 1972, ch. 383, § 3; L. 1973, ch. 404, § 3; L. 1975, ch. 506, § 3; L. 1978, ch. 418, § 4; L. 1979, ch. 328, § 2; L. 1997, ch. 41, § 17; L. 2004, ch. 171, § 10; L. 2005, ch. 85, § 1; L. 2006, ch. 205, § 13; L. 2012, ch. 135, § 32; L. 2022, ch. 63, § 47; July 1.