HB 1264 Summary

• Amends IC 6-1.1-18.5-2 regarding maximum property tax levies for civil taxing units in Lake County
• Eliminates a restriction requiring Lake County taxing units to use an assessed value growth quotient of one when calculating maximum permissible property tax levies for years when a local income tax for property tax relief is not in effect
• The restriction previously applied only to property taxes first due and payable after December 31, 2007 and before January 1, 2014, and expires on January 1, 2014
• Effective upon passage with an emergency declaration