A. On or before the third Thursday in August, the county board of supervisors shall compute and report to the city, town or political subdivision the amount of property taxes that would otherwise be payable on the city's, town's or political subdivision's remote municipal property by:

1. 1. Multiplying the combined total primary property tax rates of the political subdivisions in which the property is located by the assessed valuation of the property.
2. 2. Multiplying the combined total secondary property tax rates of the political subdivisions in which the property is located by the assessed valuation of the property.