§ 6-1.1-20.6-7.5 — Calculation of credit

Indiana § 6-1.1-20.6-7.5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 20.6: Credit for Excessive Property Taxes

Text

5. (a) A person is entitled to a credit against
the person's property tax liability for property taxes first due and
payable after 2009. The amount of the credit is the amount by which
the person's property tax liability attributable to the person's:
(1) homestead exceeds one percent (1%);
(2) residential property exceeds two percent (2%);
(3) long term care property exceeds two percent (2%);
(4) agricultural land exceeds two percent (2%);
(5) nonresidential real property exceeds three percent (3%); or
(6) personal property exceeds three percent (3%);
of the gross assessed value of the property that is the basis for
determination of property taxes for that calendar year.
(b) This subsection applies to property taxes first due and payable
after 2009. Property taxes imposed after being approved by the voters
in a referendum or local public question shall not be considered for
purposes of calculating a person's credit under this section.
(c) This subsection applies to property taxes first due and payable
after 2009. As used in this subsection, "eligible county" means only a
county for which the general assembly determines in 2008 that limits
to property tax liability under this chapter are expected to reduce in
2010 the aggregate property tax revenue that would otherwise be
collected by all units of local government and school corporations in
the county by at least twenty percent (20%). Property taxes imposed in
an eligible county:
(1) to pay debt service:
(A) on bonds issued before July 1, 2008; or
(B) on bonds that:
(i) are issued to refund bonds originally issued before July 1,
2008; and
(ii) have a maturity date that is not later than the maturity
date of the bonds refunded;
(2) to make lease payments on leases entered into before July 1,
2008, to secure bonds;
(3) to make lease payments on leases:
(A) that are amended to refund bonds secured by leases entered
into before July 1, 2008; and
(B) that have a term that is not longer than the term of the
leases amended; or
(4) to make lease payments on leases:
(A) that secure bonds:
(i) issued to refund bonds originally issued before July 1,
2008; and
(ii) that have a maturity date that is not later than the maturity
date of the bonds refunded; and
(B) that have a term that ends not later than the maturity date of
the bonds refunded;
shall not be considered for purposes of calculating a person's credit
under this section.

Legislative History

As added by P.L.146-2008, SEC.223. Amended by P.L.205-2013, SEC.77.