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Indiana Code Title 36. Local Government § 36-7-32.5-14

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 14. (a) An allocation area designated under section 13 of this chapter must:

(1) apply to the entire innovation development district;  and

(2) require that any property tax assessed on taxable real and personal property used for commercial or industrial purposes subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes in the innovation development district be allocated and distributed as provided in subsections (c) and (d).

(b) Property tax proceeds may not be allocated under this section before January 1 of the calendar year immediately following the calendar year in which the base assessed value of the allocation area is determined under section 13 of this chapter.

(c) Except as otherwise provided in this section:

(1) the proceeds of the taxes attributable to the lesser of:

(A) the assessed value of the taxable real and personal property for the assessment date with respect to which the allocation and distribution is made;  or

(B) the base assessed value;

shall be allocated and, when collected, paid into the funds of the respective taxing units;  and

(2) the excess of the proceeds of the property taxes imposed for the assessment date with respect to which the allocation and distribution is made that are attributable to taxes imposed after being approved by the voters in a referendum or local public question conducted after April 30, 2010, not otherwise included in subdivision (1) shall be allocated to and, when collected, paid into the funds of the taxing unit for which the referendum or local public question was conducted.

(d) Except as provided in subsections (e) and (f), all the property tax proceeds that:

(1) exceed those described in subsection (c);  and

(2) are attributable to the assessed value of taxable real and personal property used for commercial or industrial purposes;

shall be paid into the appropriate local innovation development district fund established by section 19 of this chapter by the county auditor at the same time that the county auditor distributes property taxes to other local units of government under IC 6-1.1-27.  Any remaining property tax proceeds that exceed those described in subsection (c) that are not described in subdivision (2) shall be allocated and, when collected, paid into the funds of the respective taxing units.

(e) Notwithstanding any provision to the contrary in this section, if an innovation development district that is designated as an allocation area under section 13 of this chapter includes territory located in an existing allocation area described in section 10(b) of this chapter, the county auditor shall continue to allocate to the existing allocation area described in section 10(b) of this chapter any incremental property tax revenues that would otherwise be allocated to the existing allocation area described in section 10(b) of this chapter as if the innovation development district had not been designated under this chapter, until the existing allocation area described in section 10(b) of this chapter expires.

(f) Notwithstanding any other law, each assessor shall, upon petition of an executive or the corporation, reassess the taxable real and personal property situated upon or in, or added to, the innovation development district effective on the next assessment date after the petition.

(g) Notwithstanding any other law, the assessed value of all taxable real and personal property in the innovation development district, for purposes of tax limitation, property tax replacement, and formulation of the budget, tax rate, and tax levy for each political subdivision in which the property is located is the lesser of:

(1) the assessed value of the taxable real and personal property as valued without regard to this section;  or

(2) the base assessed value.

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Cite this article: FindLaw.com - Indiana Code Title 36. Local Government § 36-7-32.5-14 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-36-local-government/in-code-sect-36-7-32-5-14/

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