IN SB0110

Amends Indiana Code IC 6-1.1-18.5-3 to clarify that the 15% cap on property tax levy growth from annexation applies regardless of whether a municipality's assessed value increases from one annexation or multiple annexations.

Modifies the calculation of municipal property tax levy limits (STEP THREE) to ensure the result may not exceed 1.15 (representing a 15% increase) in cases where assessed value growth results from any number of annexations.

Applies to property tax levies calculated for ensuing calendar years beginning after December 31, 2014.

Takes effect July 1, 2014, with the amendment provisions expiring July 1, 2018.