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IN SB0231
Bill
Status
1/3/2018
Primary Sponsor
John Ruckelshaus
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AI Summary
Senate Bill 231 Summary
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Amends IC 6-1.1-17 to require townships to consider ending fund balances relative to budgeted expenditures when formulating annual budgets.
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Requires townships to evaluate whether fund balances exceeding 10% of budgeted expenditures should be used to reduce property taxes rather than imposing additional tax increases.
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Mandates the Department of Local Government Finance consider these same factors when reviewing township budgets, tax rates, and tax levies.
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Effective July 1, 2018.
Legislative Description
Township property taxes. Specifies that when formulating an annual budget, a township must consider: (1) the ending balance that will remain in each township fund relative to the budgeted expenditures from the fund; and (2) whether the part of the balance in excess of 10% of budgeted expenditures should be used instead of imposing additional property taxes for the ensuing year. Requires the department of local government finance to consider those factors when reviewing a township's budget, tax rate, and tax levy.
Last Action
First reading: referred to Committee on Local Government
1/3/2018