SB 446 Summary

• Eliminates the law that froze maximum property tax levies for civil taxing units in Lake County at a growth quotient of one (1) unless a local option income tax for property tax relief was in effect in the county.

• Removes the special restriction on Lake County civil taxing units that prevented them from using the standard assessed value growth quotient calculation unless specific local income tax rates were in effect.

• Allows Lake County civil taxing units to use the standard property tax levy growth formula based on Indiana nonfarm personal income growth, calculated as the average of six years of income ratios capped at 1.06.

• Applies to property taxes imposed for assessment dates after February 28, 2013, with the amendment expiring January 1, 2017.

• Declares an emergency for the act, making it effective upon passage.