HOUSE BILL No. 1516
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-1.1-18.5-2.
Synopsis: Lake County property tax. Eliminates a provision that
provides that the Lake County assessed value growth quotient for
determining a maximum property tax levy for a particular year is one
unless Lake County imposes a 1% local option income tax (LOIT) for
property tax relief for that calendar year.
Effective: Upon passage.
January 20, 2011, read first time and referred to Committee on Ways and Means.
First Regular Session 117th General Assembly (2011)
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HOUSE BILL No. 1516
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-1.1-18.5-2; (11)IN1516.1.1. -->
SECTION 1. IC 6-1.1-18.5-2, AS AMENDED BY P.L.1-2008,
SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
UPON PASSAGE]: Sec. 2. (a) As used in this section, "Indiana
nonfarm personal income" means the estimate of total nonfarm
personal income for Indiana in a calendar year as computed by the
federal Bureau of Economic Analysis using any actual data for the
calendar year and any estimated data determined appropriate by the
federal Bureau of Economic Analysis.
Subject to subsection (c),
For purposes of determining a civil
taxing unit's maximum permissible ad valorem property tax levy for an
ensuing calendar year, the civil taxing unit shall use the assessed value
growth quotient determined in the last STEP of the following STEPS:
STEP ONE: For each of the six (6) calendar years immediately
preceding the year in which a budget is adopted under
IC 6-1.1-17-5 for the ensuing calendar year, divide the Indiana
nonfarm personal income for the calendar year by the Indiana
nonfarm personal income for the calendar year immediately
preceding that calendar year, rounding to the nearest
STEP TWO: Determine the sum of the STEP ONE results.
STEP THREE: Divide the STEP TWO result by six (6), rounding
to the nearest one-thousandth (0.001).
STEP FOUR: Determine the lesser of the following:
(A) The STEP THREE quotient.
(B) One and six-hundredths (1.06).
(c) This subsection applies only to civil taxing units in Lake County.
Notwithstanding any other provision, for property taxes first due and
payable after December 31, 2007, the assessed value growth quotient
used to determine a civil taxing unit's maximum permissible ad
valorem property tax levy under this chapter for a particular calendar
year is one (1) unless a tax rate of one percent (1%) will be in effect
under IC 6-3.5-1.1-26 or IC 6-3.5-6-32 in Lake County for that
SOURCE: ; (11)IN1516.1.2. -->
SECTION 2. An emergency is declared for this act.