§ 6-1.1-18-29 — Fire protection district's petition for an increase to its maximum ad valorem property tax levy; formula; calculation

Indiana § 6-1.1-18-29

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 18: Limitations on Property Tax Rates and Appropriations

Text

(a) The board of trustees of a fire protection
district may, upon approval by the county legislative body, submit a
petition to the department of local government finance for an increase
in the fire protection district's maximum permissible ad valorem
property tax levy for property taxes first due and payable in 2021 or for
any year thereafter for which a petition is submitted under this section.
(b) If a petition is submitted as provided in subsection (a) before
August 1, 2020, or April 1 of a year thereafter, the department of local
government finance shall increase the fire protection district's
maximum permissible ad valorem property tax levy for property taxes
first due and payable in the immediately succeeding year by using the
following formula for purposes of subsection (c)(2):
STEP ONE: Determine the percentage increase in the population,
as determined by the county legislative body and as may be
prescribed by the department of local government finance, that is
within the fire protection district area during the ten (10) year
period immediately preceding the year in which the petition is
submitted under subsection (a). The county legislative body may
use the most recently available population data issued by the
Bureau of the Census during the ten (10) year period immediately
preceding the petition.
STEP TWO: Determine the greater of zero (0) or the result of:
(A) the STEP ONE percentage; minus
(B) six percent (6%);
expressed as a decimal.
STEP THREE: Determine a rate that is the lesser of:
(A) fifteen-hundredths (0.15); or
(B) the STEP TWO result.
STEP FOUR: Reduce the STEP THREE rate by any rate increase
in the fire protection district's property tax rate within the
immediately preceding ten (10) year period that was made based
on a petition submitted by the fire protection district under this
section.
(c) The fire protection district's maximum permissible ad valorem
property tax levy for property taxes first due and payable in a given
year, as adjusted under this section, shall be calculated as:
(1) the amount of the ad valorem property tax levy increase for
the fire protection district without regard to this section; plus
(2) an amount equal to the result of:
(A) the rate determined under the formula in subsection (b);
multiplied by
(B) the net assessed value of the fire protection district area
divided by one hundred (100).
The calculation under this subsection shall be used in the determination
of the fire protection district's maximum permissible ad valorem
property tax levy for property taxes first due and payable in the first
year of the increase and thereafter.

Legislative History

As added by P.L.154-2020, SEC.6.