(b) The executive of a township described in subsection (a) may, after approval by the fiscal body of the township, and before August 1, 2019, submit a petition to the department of local government finance requesting an increase in the maximum permissible ad valorem property tax levy for the township’s general fund.

(1) Twenty-five thousand dollars ($25,000).

(2) The sum of the following:

(A) The amount necessary to make the maximum permissible ad valorem property tax levy for the township’s general fund equal to the maximum permissible ad valorem property tax levy that would have applied to the township’s general fund under section 3 of this chapter for property taxes first due and payable after December 31, 2019, if in each year, beginning in 2003 and ending in 2019, the township had imposed the maximum permissible ad valorem property tax levy for the township’s general fund in each of those years (regardless of whether the township did impose the entire amount of the maximum permissible ad valorem property tax levy for the township’s general fund).

(B) The amount necessary to make the maximum permissible ad valorem property tax levy under section 3 of this chapter for the township’s firefighting fund under IC 36-8-13 equal to the maximum permissible ad valorem property tax levy under section 3 of this chapter that would have applied to the township’s firefighting fund for property taxes first due and payable after December 31, 2019, if in each year, beginning in 2003 and ending in 2019, the township had imposed the maximum permissible ad valorem property tax levy for the township’s firefighting fund in each of those years (regardless of whether the township did impose the entire amount of the maximum permissible ad valorem property tax levy for the township’s firefighting fund).

As added by P.L.242-2015, SEC.4. Amended by P.L.257-2019, SEC.54.