Indiana Code 6-1.1-18-29.5. Fire protection territory’s petition for an increase to its maximum ad valorem property tax levy for its fire protection territory fund; formula; calculation
(b) If a petition is submitted as provided in subsection (a) before August 1, 2022, or April 1 of a year thereafter, the department of local government finance shall increase the fire protection territory’s maximum permissible ad valorem property tax levy for the fire protection territory fund under IC 36-8-19-8 for property taxes first due and payable in the immediately succeeding year by using the following formula for purposes of subsection (c)(2):
Terms Used In Indiana Code 6-1.1-18-29.5
- Population: has the meaning set forth in Ind. See Indiana Code 1-1-4-5
- 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
STEP TWO: Determine the greater of zero (0) or the result of:
(A) the STEP ONE percentage; minus
(B) six percent (6%);
expressed as a decimal.
STEP THREE: Determine a rate that is the lesser of:
(A) fifteen-hundredths (0.15); or
(B) the STEP TWO result.
STEP FOUR: Reduce the STEP THREE rate by any rate increase in the fire protection territory’s property tax rate for its fire protection territory fund within the immediately preceding ten (10) year period that was made based on a petition submitted by the fire protection territory under this section.
(c) The fire protection territory’s maximum permissible ad valorem property tax levy for its fire protection territory fund under IC 36-8-19-8 for property taxes first due and payable in a given year, as adjusted under this section, shall be calculated as:
(1) the amount of the ad valorem property tax levy increase for the fire protection territory fund without regard to this section; plus
(2) an amount equal to the result of:
(A) the rate determined under the formula in subsection (b); multiplied by
(B) the net assessed value of the fire protection territory area divided by one hundred (100).
The calculation under this subsection shall be used in the determination of the fire protection territory’s maximum permissible ad valorem property tax levy under IC 36-8-19-8 for property taxes first due and payable in the first year of the increase and thereafter.
As added by P.L.95-2022, SEC.1.