Section 6-1.1-18-34.5 - Maximum property tax levy in Knox Township in Jay County(a) This section applies only to Knox Township in Jay County.(b) Subject to subsection (c), the executive of a township described in subsection (a) may, after approval by the fiscal body of the township, and before August 1, 2024, submit a petition to the department of local government finance requesting an increase in the township's maximum permissible ad valorem property tax levy for property taxes first due and payable in 2025.(c) Before the fiscal body of the township may approve a petition under subsection (b), the fiscal body of the township shall hold a public hearing on the petition. The fiscal body shall give notice of the public hearing under IC 5-3-1. At the public hearing, the fiscal body shall make available to the public the following: (1) A fiscal plan describing the need for the increase to the levy and the expenditures for which the revenue generated from the increase to the levy will be used.(2) A statement that a portion of the proposed increase will be a permanent increase to the township's maximum permissible ad valorem property tax levy.(3) The estimated effect of the proposed increase on taxpayers. After the fiscal body approves the petition, the township shall immediately notify the other civil taxing units and school corporations in the county that are located in a taxing district where the township is also located.
(d) If the executive of the township submits a petition under subsection (b), the department of local government finance shall increase the maximum permissible ad valorem property tax levy for property taxes first due and payable in 2025 by twenty-nine thousand dollars ($29,000).(e) Of the adjustment amount under subsection (d), fourteen thousand dollars ($14,000) is a temporary, one (1) time increase to the township's maximum permissible ad valorem property tax levy under IC 6-1.1-18.5. The township's maximum permissible ad valorem property tax levy for property taxes first due and payable in 2025, including only fifteen thousand dollars ($15,000) of the adjustment amount under subsection (d), shall be used in the determination of the township's maximum permissible ad valorem property tax levy under IC 6-1.1-18.5 for property taxes first due and payable in 2026 and thereafter.(f) This section expires June 30, 2029.Added by P.L. 156-2024,SEC. 15, eff. 7/1/2024.