Indiana Code 6-1.1-21.9-4. Effects on levy excess funds; effects of receipt of delinquent taxes
(b) Except as provided in subsection (c), the following are not considered to be part of the ad valorem property tax levy actually collected by the qualified taxing unit for taxes first due and payable during a particular calendar year for the purpose of calculating the levy excess under IC 6-1.1-18.5-17 and IC 20-44-2.
Terms Used In Indiana Code 6-1.1-21.9-4
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- qualified taxing unit: means a taxing unit:
Indiana Code 6-1.1-21.9-1
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) The receipt by a qualified taxing unit of any payment of delinquent tax owed by a qualified taxpayer.
(c) Delinquent tax owed by a qualified taxpayer received by a qualified taxing unit:
(1) must first be used toward the retirement of an outstanding loan made under this chapter; and
(2) is considered, only to the extent that the amount received exceeds the amount of the outstanding loan, to be part of the ad valorem property tax levy actually collected by the qualified taxing unit for taxes first due and payable during a particular calendar year for the purpose of calculating the levy excess under IC 6-1.1-18.5-17 and IC 20-44-2.
(d) If a qualified taxpayer pays delinquent tax during the term of repayment of an outstanding loan made under this chapter, the remaining loan balance is repayable in equal installments over the remainder of the original term of repayment.
(e) Proceeds of a loan made under this chapter may be expended by a qualified taxing unit only to pay obligations of the qualified taxing unit that have been incurred under appropriations for operating expenses made by the qualified taxing unit and approved by the department of local government finance.
As added by P.L.114-2006, SEC.3. Amended by P.L.146-2008, SEC.248.