Bill Text: IN SB0137 | 2011 | Regular Session | Introduced
Bill Title: Maximum property tax levies in Lake County.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-01-05 - First reading: referred to Committee on Appropriations [SB0137 Detail]
Download: Indiana-2011-SB0137-Introduced.html
Citations Affected: IC 6-1.1-18.5-2.
Synopsis: Maximum property tax levies in Lake County. Phases out
(over two years) the law that currently freezes the maximum property
tax levies for civil taxing units in Lake County unless a local option
income tax for property tax relief equal to 1% is in effect in the county.
Effective: July 1, 2011.
January 5, 2011, read first time and referred to Committee on Appropriations.
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A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(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
and applies only if the assessed value growth quotient determined
under subsection (b) is greater than one (1). Notwithstanding any
other provision, for property taxes first due and payable after December
31, 2007, in 2012, 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) the result determined in the following STEPS 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:
STEP ONE: Determine the result of:
(A) the assessed value growth quotient determined under
subsection (b); minus
(B) one (1).
STEP TWO: Determine the result of:
(A) the amount determined under STEP ONE; multiplied
by
(B) five-tenths (0.5).
STEP THREE: Determine the result of:
(A) the amount determined under STEP TWO; plus
(B) one (1).
This subsection does not apply to the calculation of the assessed
value growth quotient for property taxes first due and payable in
2013 and thereafter.