§ 6-1.1-12.1-12.5 — Distribution of reimbursement, repayment, or penalty imposed for failure to comply with requirements

Indiana § 6-1.1-12.1-12.5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 12.1: Deduction for Rehabilitation or Redevelopment of

Text

5. Except as provided in section 12(f) of
this chapter, if a county or municipality receives a reimbursement,
repayment, or penalty from a taxpayer on account of the taxpayer's
failure to comply with the statement of benefits provided by the
taxpayer or on account of the taxpayer's failure to comply with any
other requirement to receive a deduction under this chapter, the county
or municipal fiscal officer shall distribute the amount of the
reimbursement, repayment, or penalty on a pro rata basis to each taxing
unit that contains the property that was subject to the deduction. The
amount to be distributed to each taxing unit that contains the property
that was subject to the deduction shall be determined according to the
following formula:
STEP ONE: Determine the total aggregate property tax rate
imposed in the preceding year by the taxing unit.
STEP TWO: Determine the sum of the STEP ONE amounts for
all taxing units that contain the property that was subject to the
deduction.
STEP THREE: Divide the STEP ONE amount by the sum
determined under STEP TWO.
STEP FOUR: Multiply the amount of the reimbursement,
repayment, or penalty by the STEP THREE quotient.

Legislative History

As added by P.L.80-2014, SEC.4.