(b) The executive of the town may, upon approval by the fiscal body of the town, submit a petition to the department of local government finance for an increase in the town’s maximum permissible ad valorem property tax levy under IC 6-1.1-18.5 for property taxes due and payable in 2022. A petition must be submitted not later than September 1, 2021.

(1) the lesser of:

(A) the town’s maximum permissible ad valorem property tax levy under IC 6-1.1-18.5 for property taxes due and payable in 2021; or

(B) the ad valorem property tax levy adopted by the town fiscal body for property taxes due and payable in 2021; and

(2) the town’s ad valorem property tax levy as certified by the department of local government finance for property taxes due and payable in 2021.

     (d) The adjustment under this section is a temporary, one (1) time increase to the town’s maximum permissible ad valorem property tax levy for purposes of IC 6-1.1-18.5.

     (e) This section expires June 30, 2024.

As added by P.L.38-2021, SEC.31.