§ 36-7-32-17 — Allocation and distribution of property taxes

Indiana § 36-7-32-17

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 32: Certified Technology Parks

Text

(a) An allocation provision adopted under
section 15 of this chapter must:
(1) apply to the entire certified technology park; and
(2) require that any property tax on taxable property subsequently
levied by or for the benefit of any public body entitled to a
distribution of property taxes in the certified technology park be
allocated and distributed as provided in subsections (b) and (c).
(b) 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 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.
(c) Except as provided in subsection (d), all the property tax
proceeds that exceed those described in subsection (b) shall be
allocated to the redevelopment commission for the certified technology
park and, when collected, paid into the certified technology park fund
established under section 23 of this chapter.
(d) Before July 15 of each year, the redevelopment commission
shall do the following:
(1) Determine the amount, if any, by which the property tax
proceeds to be deposited in the certified technology park fund will
exceed the amount necessary for the purposes described in section
23 of this chapter.
(2) Provide a written notice to the county auditor, the fiscal body
of the county or municipality that established the redevelopment
commission, and the officers who are authorized to fix budgets,
tax rates, and tax levies under IC 6-1.1-17-5 for each of the other
taxing units that is wholly or partly located within the allocation
area. The notice must:
(A) state the amount, if any, of excess tax proceeds that the
redevelopment commission has determined may be allocated to
the respective taxing units in the manner prescribed in
subsection (c); or
(B) state that the commission has determined that there is no
excess assessed value that may be allocated to the respective
taxing units in the manner prescribed in subdivision (1).
The county auditor shall allocate to the respective taxing units the
amount, if any, of excess assessed value determined by the
commission. The redevelopment commission may not authorize
an allocation of property tax proceeds under this subdivision if to
do so would endanger the interests of the holders of bonds
described in section 24 of this chapter.
(e) Notwithstanding any other law, each assessor shall, upon
petition of the redevelopment commission, reassess the taxable
property situated upon or in, or added to, the certified technology park
effective on the next assessment date after the petition.
(f) Notwithstanding any other law, the assessed value of all taxable
property in the certified technology park, 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 property as valued without
regard to this section; or
(2) the base assessed value.

Legislative History

As added by P.L.192-2002(ss), SEC.187. Amended by P.L.146-2008, SEC.774; P.L.203-2011, SEC.21.