This text of Indiana § 6-1.1-18.5-17 (Civil taxing unit levy excess fund; use of fund) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)As used in this section, "levy excess"
means the part of the ad valorem property tax levy actually collected by
a civil taxing unit, for taxes first due and payable during a particular
calendar year, that exceeds the civil taxing unit's ad valorem property
tax levy, as approved by the department of local government finance
under IC 6-1.1-17. The term does not include delinquent ad valorem
property taxes collected during a particular year that were assessed for
an assessment date that precedes the assessment date for the current
year in which the ad valorem property taxes are collected.
(b)A civil taxing unit's levy excess is valid and may not be
contested on the grounds that it exceeds the civil taxing unit's levy limit
for the applicable calendar year. However, the civil taxing unit
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(a) As used in this section, "levy excess"
means the part of the ad valorem property tax levy actually collected by
a civil taxing unit, for taxes first due and payable during a particular
calendar year, that exceeds the civil taxing unit's ad valorem property
tax levy, as approved by the department of local government finance
under IC 6-1.1-17. The term does not include delinquent ad valorem
property taxes collected during a particular year that were assessed for
an assessment date that precedes the assessment date for the current
year in which the ad valorem property taxes are collected.
(b) A civil taxing unit's levy excess is valid and may not be
contested on the grounds that it exceeds the civil taxing unit's levy limit
for the applicable calendar year. However, the civil taxing unit shall
deposit, except as provided in subsections (h) and (i), its levy excess in
a special fund to be known as the civil taxing unit's levy excess fund.
(c) The chief fiscal officer of a civil taxing unit may invest money
in the civil taxing unit's levy excess fund in the same manner in which
money in the civil taxing unit's general fund may be invested. However,
any income derived from investment of the money shall be deposited
in and becomes a part of the levy excess fund.
(d) The department of local government finance shall require a civil
taxing unit to include the amount in its levy excess fund in the civil
taxing unit's budget fixed under IC 6-1.1-17.
(e) Except as provided by subsection (f), a civil taxing unit may not
spend any money in its levy excess fund until the expenditure of the
money has been included in a budget that has been approved by the
department of local government finance under IC 6-1.1-17. For
purposes of fixing its budget and for purposes of the ad valorem
property tax levy limits imposed under this chapter, a civil taxing unit
shall treat the money in its levy excess fund that the department of local
government finance permits it to spend during a particular calendar
year as part of its ad valorem property tax levy for that same calendar
year.
(f) A civil taxing unit may transfer money from its levy excess fund
to its other funds to reimburse those funds for amounts withheld from
the civil taxing unit as a result of refunds paid under IC 6-1.1-26.
(g) Subject to the limitations imposed by this section, a civil taxing
unit may use money in its levy excess fund for any lawful purpose for
which money in any of its other funds may be used.
(h) If the amount that would, notwithstanding this subsection, be
deposited in the levy excess fund of a civil taxing unit for a particular
calendar year is less than one hundred dollars ($100), no money shall
be deposited in the levy excess fund of the unit for that year.
(i) This subsection applies only to a civil taxing unit that:
(1) has a levy excess for a particular calendar year;
(2) in the preceding calendar year experienced a shortfall in
property tax collections below the civil taxing unit's property tax
levy approved by the department of local government finance
under IC 6-1.1-17; and
(3) did not receive permission from the department to impose,
because of the shortfall in property tax collections in the
preceding calendar year, a property tax levy that exceeds the
limits imposed by section 3 of this chapter.
The amount that a civil taxing unit subject to this subsection must
transfer to the civil taxing unit's levy excess fund in the calendar year
in which the excess is collected shall be reduced by the amount of the
civil taxing unit's shortfall in property tax collections in the preceding
calendar year (but the reduction may not exceed the amount of the civil
taxing unit's levy excess).