Sec. 4. (a) Subject to subsection (h), a county fiscal body may adopt an ordinance to provide a credit against a qualified individual‘s property tax liability as set forth in this chapter.

     (b) An ordinance adopted under this section may designate a neighborhood enhancement district. A neighborhood enhancement district may include:

Terms Used In Indiana Code 6-1.1-49-4

  • neighborhood enhancement district: refers to a geographic territory designated by a county fiscal body and established as a designated area in an ordinance adopting a county option circuit breaker tax credit under section 4 of this chapter. See Indiana Code 6-1.1-49-2
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • qualified individual: means an individual who:

    Indiana Code 6-1.1-49-3

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) all of the territory of the county; or

(2) one (1) or more specific geographic territories within the county;

as an area in which qualified individuals may apply for the credit.

     (c) Subject to subsection (h), an ordinance adopted under this section must:

(1) include a boundary description of the neighborhood enhancement district or districts to which the ordinance applies;

(2) specify the income thresholds for a qualified individual under section 3(5)(A) and 3(5)(B) of this chapter, if any; and

(3) specify the percentage of increase on a qualified individual’s property tax liability in a particular year compared to the prior year that is to be used in determining the amount of the county option circuit breaker tax credit calculated under section 7(2)(B) of this chapter. The percentage must be at least two percent (2%) but not more than five percent (5%).

The boundary description required under subdivision (1) must be sufficient to identify the parcel or parcels to which the credit may be applied, including identification by taxing district, a parcel list, or a legal description.

     (d) If a proposal is presented to the county fiscal body to adopt an ordinance under this section, the county fiscal body shall hear the proposal at a public meeting of the county fiscal body and may then vote to adopt the ordinance at the next meeting of the county fiscal body.

     (e) The county fiscal body may rescind an ordinance adopted under this section.

     (f) An ordinance adopted under this section is effective January 1 of the year following the year in which the ordinance is adopted.

     (g) An ordinance adopted under this section must specify that the credit does not apply for property taxes first due and payable after December 31, 2027.

     (h) A county fiscal body shall prescribe the same income thresholds, credit amounts, and any other requirements related to eligibility for each neighborhood enhancement district designated in the county.

As added by P.L.95-2023, SEC.1.

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