Indiana § 36-3-8-5 Adjustment of levies, rates, and budgets

Indiana Statutes

§ 36-3-8-5 — Adjustment of levies, rates, and budgets

Indiana·Title 36 LOCAL GOVERNMENT·Art. 3 GOVERNMENT OF INDIANAPOLIS AND·Ch. 8 Town of Cumberland

(a)The department of local government finance shall adjust maximum permissible property tax levies, rates, and budgets of units of local government as necessary to account for the town becoming an excluded city.

(b)After December 31, 2026, the town is liable for debt service owed by the consolidated city on December 31, 2026, in the same ratio as the assessed valuation of the property in the town bears to the assessed valuation of all property included in the consolidated city until the particular debt service is satisfied. The town is not liable for debt service issued by the consolidated city after December 31, 2026.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The department of local government finance
shall adjust maximum permissible property tax levies, rates, and
budgets of units of local government as necessary to account for the
town becoming an excluded city.
(b) After December 31, 2026, the town is liable for debt service
owed by the consolidated city on December 31, 2026, in the same ratio
as the assessed valuation of the property in the town bears to the
assessed valuation of all property included in the consolidated city until
the particular debt service is satisfied. The town is not liable for debt
service issued by the consolidated city after December 31, 2026.

Indiana § 36-3-8-5 (Adjustment of levies, rates, and budgets) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.