Sec. 7. (a) This subsection applies to property taxes first due and payable in 2009. A person is entitled to a credit against the person’s property tax liability for property taxes first due and payable in 2009. The amount of the credit is the amount by which the person’s property tax liability attributable to the person’s:

(1) homestead exceeds one and five-tenths percent (1.5%);

Terms Used In Indiana Code 6-1.1-20.6-7

  • agricultural land: refers to land assessed as agricultural land under the real property assessment rules and guidelines of the department of local government finance. See Indiana Code 6-1.1-20.6-0.5
  • gross assessed value: refers to the assessed value of property after the application of all exemptions under Indiana Code 6-1.1-20.6-1.6
  • homestead: refers to a homestead that has been granted a standard deduction under Indiana Code 6-1.1-20.6-2
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • long term care property: means property that:

    Indiana Code 6-1.1-20.6-2.3

  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • property tax liability: means , for purposes of:

    Indiana Code 6-1.1-20.6-3

  • residential property: refers to real property that consists of any of the following:

    Indiana Code 6-1.1-20.6-4

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) residential property exceeds two and five-tenths percent (2.5%);

(3) long term care property exceeds two and five-tenths percent (2.5%);

(4) agricultural land exceeds two and five-tenths percent (2.5%);

(5) nonresidential real property exceeds three and five-tenths percent (3.5%); or

(6) personal property exceeds three and five-tenths percent (3.5%);

of the gross assessed value of the property that is the basis for determination of property taxes for that calendar year.

     (b) This subsection applies to property taxes first due and payable in 2009. Property taxes imposed after being approved by the voters in a referendum or local public question shall not be considered for purposes of calculating a person’s credit under this section.

     (c) This subsection applies to property taxes first due and payable in 2009. As used in this subsection, “eligible county” means only a county for which the general assembly determines in 2008 that limits to property tax liability under this chapter are expected to reduce in 2010 the aggregate property tax revenue that would otherwise be collected by all units of local government and school corporations in the county by at least twenty percent (20%). Property taxes imposed in an eligible county to pay debt service or make lease payments for bonds or leases issued or entered into before July 1, 2008, shall not be considered for purposes of calculating a person’s credit under this section.

As added by P.L.246-2005, SEC.62. Amended by P.L.162-2006, SEC.10; P.L.224-2007, SEC.38; P.L.146-2008, SEC.222; P.L.1-2010, SEC.30.

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