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Indiana Code Title 6. Taxation § 6-1.1-17-23

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

Sec. 23. (a) This section applies beginning after December 31, 2028, to the formulation and adoption of a budget, tax rate, and tax levy under this chapter.

(b) Notwithstanding any growth in a political subdivision's assessed value in the previous year, the ad valorem property tax levy for the budget of a political subdivision shall not exceed the ad valorem property tax levy for its last preceding annual budget, except as provided in subsections (c) and (d).

(c) The fiscal body of a political subdivision may by ordinance authorize the proper officers of the political subdivision to formulate and submit a budget, tax rate, and tax levy under section 3 of this chapter that exceeds the ad valorem property tax levy restriction in subsection (b), subject to all other limits under this article, if the following conditions are met:

(1) The fiscal body of the political subdivision must hold a public hearing at which the only item on the agenda is the proposal to adopt an ordinance under this subsection.  The hearing shall be conducted in accordance with IC 5-14-1.5, and notice of the hearing shall be published in accordance with IC 5-3-1.

(2) After conducting a public hearing under subdivision (1) and subject to subdivision (3), the fiscal body of the political subdivision may adopt an ordinance under this subsection, which must contain:

(A) a general statement of the reasons for the tax levy and tax rate increase;

(B) the dollar amount of the tax levy increase;  and

(C) the percentage increase in the tax rate from the previous year.

(3) An ordinance may not be adopted under this section after the date that is fifteen (15) days before the public hearing under section 3 of this chapter.

(d) If an ordinance is adopted by the fiscal body of a political subdivision under subsection (c), the limitation in subsection (b) shall not apply and instead the ad valorem property tax levy for the budget of the political subdivision shall not exceed the sum of:

(1) the ad valorem property tax levy for the political subdivision's last preceding annual budget;  plus

(2) the additional ad valorem property tax levy authorized in the ordinance adopted by the fiscal body under subsection (c);

subject to all other limits under this article.

(e) The provisions of this section shall be applied to decrease the tax rate of each political subdivision in which there was an increase in the political subdivision's assessed value in the previous year, subject to subsections (c) and (d).

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Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-1.1-17-23 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-1-1-17-23/

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