IN SB0161

Eliminates the provision that freezes maximum property tax levies for civil taxing units in Lake County at a growth quotient of one (1) unless a 1% local option income tax for property tax relief is in effect in the county

Allows Lake County civil taxing units to use the standard assessed value growth quotient formula (based on a 6-year average of Indiana nonfarm personal income growth, capped at 1.06) to determine maximum permissible property tax levies

Applies to property taxes imposed for assessment dates after February 29, 2012

Declared an emergency measure, taking effect immediately upon passage