Indiana Code 6-1.1-17-3.1. School corporation operating referendum tax levy; maximum amount
(1) applies only to an operating referendum tax levy under IC 20-46-1 approved by the voters before January 1, 2023, that is imposed by a school corporation for taxes first due and payable in 2024;
Terms Used In Indiana Code 6-1.1-17-3.1
- 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.
- 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
(3) does not apply to any other tax year.
(b) Notwithstanding any increase in the assessed value of property from the previous assessment date, the total amount of operating referendum tax that may be levied by a school corporation may not exceed the lesser of:
(1) the maximum operating referendum tax that could be levied by the school corporation for taxes first due and payable in 2023 multiplied by one and three-hundredths (1.03); or
(2) the maximum operating referendum tax that could otherwise be levied by the school corporation for taxes first due and payable in 2024.
The tax rate for an operating referendum tax levy shall be decreased, if necessary, to comply with this limitation.
(c) This section expires July 1, 2025.
As added by P.L.239-2023, SEC.4.