HB 1449 Summary

• Separates township assistance levy from the general fund levy beginning in 2014, establishing it as a distinct property tax calculation under IC 6-1.1-18.5.

• Caps township assistance levy at a rate equal to the 2013 statewide average township assistance tax rate multiplied by eight, then multiplied by the school complexity index of the largest school corporation in the township.

• Phases in the new rate limit over two years (2014-2015) for townships with 2013 assistance tax rates above the calculated maximum, reducing by one-third in 2014 and two-thirds in 2015.

• Requires assessed value growth quotient (AVGQ) to apply after 2013 for townships within the new cap, or after 2015 for townships being phased in.

• Permits township assistance levy increases only if offset by corresponding reductions in the general fund levy; freezes assistance fund levy for townships in counties adopting or increasing local option income tax.