HB 1516 Summary

• Amends IC 6-1.1-18.5-2 to eliminate a special provision for Lake County property tax levy calculations.

• Removes the requirement that Lake County's assessed value growth quotient default to 1.0 unless the county imposes a 1% local option income tax (LOIT) for property tax relief.

• Makes the standard assessed value growth quotient calculation applicable uniformly to Lake County civil taxing units without the conditional LOIT provision.

• Effective upon passage with an emergency declaration.