Sec. 23. (a) This section applies beginning after December 31, 2028, to the formulation and adoption of a budget, tax rate, and tax levy under this chapter. (b) Notwithstanding any growth in a political subdivision's assessed value in the previous year, the ad valorem property tax levy for the budget of a political subdivision shall not exceed the ad valorem property tax levy for its last preceding annual budget, except as provided in subsections (c) and (d). (c) The fiscal body of a political subdivision may by ordinance authorize the proper officers of the political subdivision to formulate and submit a budget, tax rate, and tax levy under section 3 of this chapter that exceeds the ad valorem property tax levy restriction in subsection (b), subject to all other limits under this article, if the following conditions are met: (1) The fiscal body of the political subdivision must hold a public hearing at which the only item on the agenda is the proposal to adopt an ordinance under this subsection. The hearing shall be conducted in accordance with IC 5-14-1.5 , and notice of the hearing shall be published in accordance with IC 5-3-1 . (2) After conducting a public hearing under subdivision (1) and subject to subdivision (3), the fiscal body of the political subdivision may adopt an ordinance under this subsection, which must contain: (A) a general statement of the reasons for the tax levy and tax rate increase; (B) the dollar amount of the tax levy increase; and (C) the percentage increase in the tax rate from the previous year. (3) An ordinance may not be adopted under this section after the date that is fifteen (15) days before the public hearing under section 3 of this chapter. (d) If an ordinance is adopted by the fiscal body of a political subdivision under subsection (c), the limitation in subsection (b) shall not apply and instead the ad valorem property tax levy for the budget of the political subdivision shall not exceed the sum of: (1) the ad valorem property tax levy for the political subdivision's last preceding annual budget; plus (2) the additional ad valorem property tax levy authorized in the ordinance adopted by the fiscal body under subsection (c); subject to all other limits under this article. (e) The provisions of this section shall be applied to decrease the tax rate of each political subdivision in which there was an increase in the political subdivision's assessed value in the previous year, subject to subsections (c) and (d). IC 6-1.1-18 Chapter 18. Limitations on Property Tax Rates and Appropriations 6-1.1-18-1 Budget, tax rate, and tax levy; exceeding amount published 6-1.1-18-2 Maximum state tax rate 6-1.1-18-3 Maximum political subdivision tax rate 6-1.1-18-4 Appropriations not to exceed budget 6-1.1-18-5 Proposed additional appropriations; public hearing; appropriation for which the underlying purpose is a bond issue 6-1.1-18-5 Proposed additional appropriations; public hearing; appropriation for which the underlying purpose is a bond issue 6-1.1-18-6 Transfer of money from one budget classification to another 6-1.1-18-6.5 Volunteer firefighting purposes; expenditures 6-1.1-18-7 Insurance funds; appropriations 6-1.1-18-7.5 Appropriation of state and federal grant funds 6-1.1-18-8 Expenditure of state funds by political subdivisions; conditions 6-1.1-18-9 Reappropriations from erroneous or excessive disbursements; refunds without appropriation 6-1.1-18-10 Excessive appropriations; liability of officers; action for recovery 6-1.1-18-11 Conflicting provisions 6-1.1-18-12 Adjustment of maximum tax rates after reassessment or annual adjustment 6-1.1-18-12.5 Expired 6-1.1-18-13 Repealed 6-1.1-18-14 Expired 6-1.1-18-15 Expired 6-1.1-18-16 Expired 6-1.1-18-17 Expired 6-1.1-18-18 Expired 6-1.1-18-19 Expired 6-1.1-18-20 Expired 6-1.1-18-21 Expired 6-1.1-18-22 Expired 6-1.1-18-23 Expired 6-1.1-18-24 Expired 6-1.1-18-25 Expired 6-1.1-18-26 Expired 6-1.1-18-27 Expired 6-1.1-18-28 Township's petition for an increase to its maximum ad valorem property tax levy for its firefighting and emergency services fund; formula; calculation 6-1.1-18-29 Fire protection district's petition for an increase to its maximum ad valorem property tax levy; formula; calculation 6-1.1-18-29.5 Fire protection territory's petition for an increase to its maximum ad valorem property tax levy for its fire protection territory fund; formula; calculation 6-1.1-18-30 Expired 6-1.1-18-31 Expired 6-1.1-18-32 Expired 6-1.1-18-33 Expired 6-1.1-18-34 Dearborn County; school corporations; maximum levies 6-1.1-18-34.5 Maximum property tax levy in Knox Township in Jay County
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