Indiana Code 36-7-32.5-14. Allocation of tax proceeds; allocation of excess assessed value; allocation of property tax increment revenue from existing allocation area
(1) apply to the entire innovation development district; and
Terms Used In Indiana Code 36-7-32.5-14
- base assessed value: means the net assessed value of all the taxable real property that is assessed as commercial or industrial property under the rules of the department of local government finance, and taxable personal property, that is located in an innovation development district as finally determined for the assessment date immediately preceding the effective date of the designation by the corporation under section 9 of this chapter. See Indiana Code 36-7-32.5-1
- executive: means the following:
Indiana Code 36-7-32.5-3
- Personal property: All property that is not real property.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(b) Except as otherwise provided in this section:
(1) the proceeds of the taxes attributable to the lesser of:
(A) the assessed value of the taxable real and personal property for the assessment date with respect to which the allocation and distribution is made; or
(B) the base assessed value;
shall be allocated and, when collected, paid into the funds of the respective taxing units; and
(2) the excess of the proceeds of the property taxes imposed for the assessment date with respect to which the allocation and distribution is made that are attributable to taxes imposed after being approved by the voters in a referendum or local public question conducted after April 30, 2010, not otherwise included in subdivision (1) shall be allocated to and, when collected, paid into the funds of the taxing unit for which the referendum or local public question was conducted.
(c) Except as provided in subsections (d) and (e), all the property tax proceeds that:
(1) exceed those described in subsection (b); and
(2) are attributable to the assessed value of taxable real and personal property used for commercial or industrial purposes;
shall be paid into the appropriate local innovation development district fund established by section 19 of this chapter by the county auditor at the same time that the county auditor distributes property taxes to other local units of government under IC 6-1.1-27. Any remaining property tax proceeds that exceed those described in subsection (b) that are not described in subdivision (2) shall be allocated and, when collected, paid into the funds of the respective taxing units.
(d) Notwithstanding any provision to the contrary in this section, if an innovation development district that is designated as an allocation area under section 13 of this chapter includes territory located in an existing allocation area described in section 10(b) of this chapter, the county auditor shall continue to allocate to the existing allocation area described in section 10(b) of this chapter any incremental property tax revenues that would otherwise be allocated to the existing allocation area described in section 10(b) of this chapter as if the innovation development district had not been designated under this chapter, until the existing allocation area described in section 10(b) of this chapter expires.
(e) Notwithstanding any other law, each assessor shall, upon petition of an executive or the corporation, reassess the taxable real and personal property situated upon or in, or added to, the innovation development district effective on the next assessment date after the petition.
(f) Notwithstanding any other law, the assessed value of all taxable real and personal property in the innovation development district, for purposes of tax limitation, property tax replacement, and formulation of the budget, tax rate, and tax levy for each political subdivision in which the property is located is the lesser of:
(1) the assessed value of the taxable real and personal property as valued without regard to this section; or
(2) the base assessed value.
As added by P.L.135-2022, SEC.28. Amended by P.L.123-2024, SEC.21.