Sec. 27. (a) If the tax rate is incorrect because of an error in calculating its amount, including a mistake in the amount of assessment, the error shall be expeditiously corrected within the next two (2) years by decreasing or increasing the rate of the tax set during those two (2) years.

     (b) If the entitlement received by a qualified school corporation in any calendar year is more or less than its entitlement on account of an error in calculation, the amount of entitlement of a qualified school corporation shall be similarly adjusted within the next two (2) calendar years.

Terms Used In Indiana Code 20-45-7-27

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • county auditor: refers to the county auditor of a qualified county. See Indiana Code 20-45-7-6
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • fund: refers to the county school distribution fund:

    Indiana Code 20-45-7-12

  • qualified school corporation: means any school corporation that has under its jurisdiction any territory located in the qualified county. See Indiana Code 20-45-7-14
  • tax: refers to the county supplemental school financing property tax to be levied by the county council under this chapter. See Indiana Code 20-45-7-15
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) If the money credited to the fund during any year is more or less than the total entitlements of the qualified school corporations for the calendar year, except for a greater or lesser receipt incident due to an error in calculating an entitlement or its correction, the county auditor shall increase or reduce each qualified school corporation’s entitlement by the same percentage.

     (d) The entire balance of the fund for each calendar year shall be distributed.

[Pre-2006 Recodification Citation: 21-2-12-8.1 part.]

As added by P.L.2-2006, SEC.168.

  Previous section
Next section  
 Chapter 7 Contents