(a)For purposes of this section, "maximum
rate" refers to the maximum:
(1)property tax rate or rates; or
(2)special benefits tax rate or rates;
referred to in the statutes listed in subsection (d).
(b)The maximum rate for taxes first due and payable after 2003 is
the maximum rate that would have been determined under subsection
(e)for taxes first due and payable in 2003 if subsection (e) had applied
for taxes first due and payable in 2003.
(c)The maximum rate must be adjusted each year to account for the
change in assessed value of real property that results from:
(1)an annual adjustment of the assessed value of real property
under IC 6-1.1-4-4.5; or
(2)a reassessment under a county's reassessment plan prepared
under IC 6-1.1-4-4.2.
(d)The statutes to which subsection (a) refers a
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(a) For purposes of this section, "maximum
rate" refers to the maximum:
(1) property tax rate or rates; or
(2) special benefits tax rate or rates;
referred to in the statutes listed in subsection (d).
(b) The maximum rate for taxes first due and payable after 2003 is
the maximum rate that would have been determined under subsection
(e) for taxes first due and payable in 2003 if subsection (e) had applied
for taxes first due and payable in 2003.
(c) The maximum rate must be adjusted each year to account for the
change in assessed value of real property that results from:
(1) an annual adjustment of the assessed value of real property
under IC 6-1.1-4-4.5; or
(2) a reassessment under a county's reassessment plan prepared
under IC 6-1.1-4-4.2.
(d) The statutes to which subsection (a) refers are:
(1) IC 8-10-5-17 (for taxes due and payable before January 1,
2023);
(2) IC 8-22-3-11;
(3) IC 8-22-3-25 (for taxes due and payable before January 1,
2023);
(4) IC 12-29-1-1;
(5) IC 12-29-1-2;
(6) IC 12-29-1-3;
(7) IC 12-29-3-6;
(8) IC 13-21-3-12;
(9) IC 13-21-3-15;
(10) IC 14-27-6-30;
(11) IC 14-33-7-3;
(12) IC 14-33-21-5 (for taxes due and payable before January 1,
2023);
(13) IC 15-14-7-4;
(14) IC 15-14-9-1;
(15) IC 15-14-9-2;
(16) IC 16-20-2-18;
(17) IC 16-20-4-27;
(18) IC 16-20-7-2;
(19) IC 16-22-14;
(20) IC 16-23-1-29;
(21) IC 16-23-3-6;
(22) IC 16-23-4-2;
(23) IC 16-23-5-6;
(24) IC 16-23-7-2;
(25) IC 16-23-8-2;
(26) IC 16-23-9-2;
(27) IC 16-41-15-5;
(28) IC 16-41-33-4;
(29) IC 20-46-2-3 (before its repeal on January 1, 2009);
(30) IC 20-46-6-5 (before its repeal on January 1, 2019);
(31) IC 20-49-2-10;
(32) IC 36-1-19-1;
(33) IC 23-14-66-2;
(34) IC 23-14-67-3;
(35) IC 36-7-13-4;
(36) IC 36-7-14-28;
(37) IC 36-7-15.1-16;
(38) IC 36-8-19-8.5 (for taxes due and payable before January 1,
2023);
(39) IC 36-9-6.1-2;
(40) IC 36-9-17.5-4 (for taxes due and payable before January 1,
2023);
(41) IC 36-9-27-73;
(42) IC 36-9-29-31;
(43) IC 36-9-29.1-15;
(44) IC 36-10-6-2;
(45) IC 36-10-7-7;
(46) IC 36-10-7-8;
(47) IC 36-10-7.5-19 (for taxes due and payable before January 1,
2023);
(48) IC 36-10-13-5 (before the power to impose a levy was
removed on January 1, 2019);
(49) IC 36-10-13-7 (before the power to impose a levy was
removed on January 1, 2019);
(50) IC 36-10-14-4 (before its repeal on January 1, 2019);
(51) IC 36-12-7-7;
(52) IC 36-12-7-8;
(53) IC 36-12-12-10;
(54) a statute listed in IC 6-1.1-18.5-9.8 (for taxes due and
payable before January 1, 2023); and
(55) any statute enacted after December 31, 2003, that:
(A) establishes a maximum rate for any part of the:
(i) property taxes; or
(ii) special benefits taxes;
imposed by a political subdivision; and
(B) does not exempt the maximum rate from the adjustment
under this section.
(e) For property tax rates imposed for property taxes first due and
payable after December 31, 2013, the new maximum rate under a
statute listed in subsection (d) is the tax rate determined under STEP
EIGHT of the following STEPS:
STEP ONE: Determine the maximum rate for the political
subdivision levying a property tax or special benefits tax under
the statute for the previous calendar year.
STEP TWO: Determine the actual percentage change (rounded to
the nearest one-hundredth percent (0.01%)) in the assessed value
of the taxable property from the previous calendar year to the year
in which the affected property taxes will be imposed.
STEP THREE: Determine the three (3) calendar years that
immediately precede the year in which the affected property taxes
will be imposed.
STEP FOUR: Compute separately, for each of the calendar years
determined in STEP THREE, the actual percentage change
(rounded to the nearest one-hundredth percent (0.01%)) in the
assessed value (before the adjustment, if any, under IC 6-1.1-4-4.5) of the taxable property from the preceding year.
STEP FIVE: Divide the sum of the three (3) quotients computed
in STEP FOUR by three (3).
STEP SIX: Determine the greater of the following:
(A) Zero (0).
(B) The STEP FIVE result.
STEP SEVEN: Determine the greater of the following:
(A) Zero (0).
(B) The result of the STEP TWO percentage minus the STEP
SIX percentage, if any.
STEP EIGHT: Determine the quotient of the STEP ONE tax rate
divided by the sum of one (1) plus the STEP SEVEN percentage,
if any.
(f) The department of local government finance shall compute the
maximum rate allowed under subsection (e) and provide the rate to
each political subdivision with authority to levy a tax under a statute
listed in subsection (d).
As added by P.L.1-2004, SEC.20 and P.L.23-2004, SEC.21.
Amended by P.L.78-2004, SEC.1; P.L.1-2005, SEC.87; P.L.2-2006,
SEC.43; P.L.154-2006, SEC.45; P.L.2-2007, SEC.115; P.L.219-2007,
SEC.52; P.L.2-2008, SEC.23; P.L.146-2008, SEC.168; P.L.172-2011,
SEC.34; P.L.112-2012, SEC.34; P.L.137-2012, SEC.30; P.L.13-2013,
SEC.14; P.L.218-2013, SEC.4; P.L.257-2013, SEC.10; P.L.2-2014,
SEC.20; P.L.232-2015, SEC.1; P.L.244-2017, SEC.10; P.L.86-2018,
SEC.49; P.L.86-2018, SEC.50; P.L.174-2022, SEC.36.