§ 6-1.1-21.8-5 — Maximum loan amount for a particular qualified taxing unit

Indiana § 6-1.1-21.8-5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 21.8: Rainy Day Fund Loans to Qualified Taxing Units

Text

The maximum amount that the board may
loan to a qualified taxing unit is determined under STEP FOUR of the
following formula:
STEP ONE: Determine the amount of the taxpayer's property
taxes due and payable in November 2001 that are attributable to
the qualified taxing unit as determined by the department of local
government finance.
STEP TWO: Multiply the STEP ONE amount by one and
thirty-one thousandths (1.031).
STEP THREE: Multiply the STEP TWO product by two (2).
STEP FOUR: Add the STEP ONE amount to the STEP THREE
product.
However, in the case of a qualified taxing unit that is a school
corporation, the amount determined under STEP FOUR shall be
reduced by the board to the extent that the school corporation receives
relief in the form of adjustments to the school corporation's net
assessed valuation under IC 6-1.1-17-0.5 or assessed valuation under
IC 6-1.1-19-5.3.

Legislative History

As added by P.L.157-2002, SEC.1. Amended by P.L.2-2006, SEC.63; P.L.146-2008, SEC.245; P.L.137-2012, SEC.38.