(a) Any county which has a local excess levy for schools authorized by sections one and ten, article ten of the constitution of the state of West Virginia which is at a rate greater than ninety percent, approved by the voters of the county prior to the fifth day of March, one thousand nine hundred eighty-eight, and in effect on the first day of July, one thousand nine hundred eighty-eight, shall receive a foundation allowance for levy rate reduction in each fiscal year in which the amount for which tax liens attach pursuant to the uniform levy imposed by section one-d, article ten of the constitution is less than the lesser of the amounts computed pursuant to subsection (b) of this section.
(b) The state board shall compute for each county with such expired levy the amount for which a tax lien for the local excess levy for schools attaches in the year in which said local excess levy expires. Such calculation shall be based on a sixty percent assessment of the value of property subject to ad valorem taxation. In each tax year subsequent to such expiration, the state board shall compute the amount for which a tax lien would attach on the first day of July of the then current year based on the rate of local excess levy for schools that was replaced by the uniform excess levy for schools in accordance with section one-d, article ten of the state constitution.
(c) The foundation allowance for levy rate reduction shall be equal to the difference between the amount which would be realized by the ninety percent uniform levy and the lesser of the two amounts calculated pursuant to subsection (b) of this section.
(d) The provisions of this section shall be null, void and of no effect should the "Uniform School Funding Amendment" fail to be approved by the voters of this state.
Note: WV Code updated with legislation passed through the 2012 1st Special Session