Indiana Code 6-1.1-18-29. Fire protection district’s petition for an increase to its maximum ad valorem property tax levy; formula; calculation
(b) If a petition is submitted as provided in subsection (a) before August 1, 2020, or April 1 of a year thereafter, the department of local government finance shall increase the fire protection district’s maximum permissible ad valorem property tax levy for property taxes first due and payable in the immediately succeeding year by using the following formula for purposes of subsection (c)(2):
Terms Used In Indiana Code 6-1.1-18-29
- Population: has the meaning set forth in Ind. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
STEP TWO: Determine the greater of zero (0) or the result of:
(A) the STEP ONE percentage; minus
(B) six percent (6%);
expressed as a decimal.
STEP THREE: Determine a rate that is the lesser of:
(A) fifteen-hundredths (0.15); or
(B) the STEP TWO result.
STEP FOUR: Reduce the STEP THREE rate by any rate increase in the fire protection district’s property tax rate within the immediately preceding ten (10) year period that was made based on a petition submitted by the fire protection district under this section.
(c) The fire protection district’s maximum permissible ad valorem property tax levy for property taxes first due and payable in a given year, as adjusted under this section, shall be calculated as:
(1) the amount of the ad valorem property tax levy increase for the fire protection district without regard to this section; plus
(2) an amount equal to the result of:
(A) the rate determined under the formula in subsection (b); multiplied by
(B) the net assessed value of the fire protection district area divided by one hundred (100).
The calculation under this subsection shall be used in the determination of the fire protection district’s maximum permissible ad valorem property tax levy for property taxes first due and payable in the first year of the increase and thereafter.
As added by P.L.154-2020, SEC.6.