Sec. 16. (a) The state board of accounts, the department of state revenue, and the department of local government finance may adopt rules under IC 4-22-2 and prescribe the forms and procedures that the state board of accounts, the department of state revenue, and the department of local government finance consider appropriate for the implementation of an innovation development district under this chapter. However, before adopting rules under this section, the state board of accounts, the department of state revenue, and the department of local government finance shall submit a report to the budget committee that:

(1) describes the rules proposed by the state board of accounts, the department of state revenue, and the department of local government finance; and

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 36-7-32.5-16

  • 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
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) recommends statutory changes necessary to implement the provisions of this chapter.

     (b) After each reassessment of real property in an area under a county’s reassessment plan prepared under IC 6-1.1-4-4.2, the department of local government finance shall adjust the base assessed value one (1) time to neutralize any effect of the reassessment of the real property in the area on the property tax proceeds allocated to the local innovation development district fund established by section 19 of this chapter.

     (c) After each annual adjustment under IC 6-1.1-4-4.5, the department of local government finance shall adjust the base assessed value to neutralize any effect of the annual adjustment on the property tax proceeds allocated to the local innovation development district fund established by section 19 of this chapter.

As added by P.L.135-2022, SEC.28.

  Previous section
Next section  
 Chapter 32.5 Contents