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IN SB0440
Bill
Status
1/12/2015
Primary Sponsor
Brandt Hershman
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AI Summary
Senate Bill 440 Summary
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Allows civil taxing units to use a county-based assessed value growth quotient instead of the statewide quotient, taking whichever is lower between the two calculations.
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For years beginning after December 31, 2015, the assessed value growth quotient is determined by comparing six-year averages of either statewide income growth or county-level assessed value growth.
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Applies to property tax calculations for public libraries, townships, school corporations, community mental health centers, and other civil taxing units.
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Makes conforming changes to Indiana Code sections affecting tax levy limitations and budget calculations across multiple government entities.
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Effective upon passage, with specified provisions expiring January 1, 2018, and emergency clause declared.
Legislative Description
Assessed value growth quotient for tax purposes. Provides that a county based assessed value growth quotient may be determined for each civil taxing unit. Provides that the assessed value growth quotient for a civil taxing unit is the lesser of: (1) the quotient determined using a six year average of statewide income growth (as current law provides); or (2) the quotient determined using a six year average of assessed value growth in the county in which the particular civil taxing unit is located. Makes conforming changes.
Last Action
First Reading: referred to Committee on Tax & Fiscal Policy
1/12/2015