Indiana § 8-9.5-7-18 Formula for use of increased property tax revenues

Indiana Statutes

§ 8-9.5-7-18 — Formula for use of increased property tax revenues

Indiana § 8-9.5-7-18

Art. 9.5TRANSPORTATION AGENCIES

Ch. 7Automated Transit Districts

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Bluebook

Ind. Code § 8-9.5-7-18 (2026).

Text

This section provides a formula for a portion of increased property tax revenues resulting from increases in assessed valuation to be used for the automated transit district. For the first ten

(10)complete calendar years after the establishment of an automated transit district, any property taxes levied on the property geographically within the automated transit district, by another political subdivision, shall be divided each year as follows:

(1)That portion of the taxes which are produced by the rate at which the tax is levied by or for each of the political subdivisions upon the total sum of the assessed value of the taxable property in the district, as that assessed value stands on the date of the establishment of the automated transit district, is allocated to the respective politic

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This section provides a formula for a portion
of increased property tax revenues resulting from increases in assessed
valuation to be used for the automated transit district. For the first ten
(10) complete calendar years after the establishment of an automated
transit district, any property taxes levied on the property geographically
within the automated transit district, by another political subdivision,
shall be divided each year as follows:
(1) That portion of the taxes which are produced by the rate at
which the tax is levied by or for each of the political subdivisions
upon the total sum of the assessed value of the taxable property in
the district, as that assessed value stands on the date of the
establishment of the automated transit district, is allocated to the
respective political subdivisions for their usual purposes.
(2) Twenty-five percent (25%) of that portion of the property
taxes collected each year in excess of the amount referred to in
subdivision (1) is allocated to the respective taxing agencies for
their usual purposes in proportion to the tax rate of each taxing
agency.
(3) Seventy-five percent (75%) of that portion of the property
taxes collected each year in excess of the amount referred to in
subdivision (1) is allocated to, and when collected shall be paid
into a special fund of the automated transit district to pay the
principal and the interest on loans, to repay money advanced to,
or to repay indebtedness of the district. When such loans,
advances, and indebtedness, if any, and the interest thereon has
been paid in full, all money thereafter received from property
taxes upon the taxable property in the district shall be paid solely
into the funds of the respective political subdivisions.
(4) That portion of the taxes referred to in subdivision (3), and the
special fund into which they shall be paid, may be irrevocably
pledged by the automated transit district for the payment of the
principal and interest on loans or for repayment of advances or
indebtedness, of the district.
As added by Acts 1982, P.L.77, SEC.1.