Bill Text: IN HB1308 | 2012 | Regular Session | Introduced

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Bill Title: Maximum Lake County property tax levy.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-11 - First reading: referred to Committee on Ways and Means [HB1308 Detail]

Download: Indiana-2012-HB1308-Introduced.html

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Introduced Version

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HOUSE BILL No. 1308

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DIGEST OF INTRODUCED BILL

Citations Affected: IC 6-1.1-18.5-2.

Synopsis: Maximum Lake County property tax levy. Eliminates a restriction requiring taxing units in Lake County to use an assessed value growth quotient of one to determine the maximum permissible ad valorem property tax levy in the unit in any year that a local income tax is not in effect.

Effective: Upon passage.

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Harris

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    January 10, 2012, read first time and referred to Committee on Ways and Means.

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Introduced

Second Regular Session 117th General Assembly (2012)

PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2011 Regular Session of the General Assembly.

HOUSE BILL No. 1308

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    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 6-1.1-18.5-2; (12)IN1308.1.1. -->     SECTION 1. IC 6-1.1-18.5-2, AS AMENDED BY P.L.1-2008, SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 2. (a) As used in this section, "Indiana nonfarm personal income" means the estimate of total nonfarm personal income for Indiana in a calendar year as computed by the federal Bureau of Economic Analysis using any actual data for the calendar year and any estimated data determined appropriate by the federal Bureau of Economic Analysis.
    (b) Subject to subsection (c), for purposes of determining a civil taxing unit's maximum permissible ad valorem property tax levy for an ensuing calendar year, the civil taxing unit shall use the assessed value growth quotient determined in the last STEP of the following STEPS:
        STEP ONE: For each of the six (6) calendar years immediately preceding the year in which a budget is adopted under IC 6-1.1-17-5 for the ensuing calendar year, divide the Indiana nonfarm personal income for the calendar year by the Indiana nonfarm personal income for the calendar year immediately

preceding that calendar year, rounding to the nearest one-thousandth (0.001).
        STEP TWO: Determine the sum of the STEP ONE results.
        STEP THREE: Divide the STEP TWO result by six (6), rounding to the nearest one-thousandth (0.001).
        STEP FOUR: Determine the lesser of the following:
            (A) The STEP THREE quotient.
            (B) One and six-hundredths (1.06).
    (c) This subsection applies only to civil taxing units in Lake County only for property taxes first due and payable after December 31, 2007, and before January 1, 2013. Notwithstanding any other provision, for property taxes first due and payable after December 31, 2007, and before January 1, 2013, the assessed value growth quotient used to determine a civil taxing unit's maximum permissible ad valorem property tax levy under this chapter for a particular calendar year is one (1) unless a tax rate of one percent (1%) will be in effect under IC 6-3.5-1.1-26 or IC 6-3.5-6-32 in Lake County for that calendar year. This subsection expires January 1, 2013.

SOURCE: ; (12)IN1308.1.2. -->     SECTION 2. An emergency is declared for this act.