Section 6-1.1-2-8 - Application of P.L.6-1997; changing method of assessed valuation; tax rates, deductions, limits on indebtedness; computation of assessed value growth quotient, tax rates, other values; state board of tax commissioner duties; intent of general assembly(a) IC 6-1.1-1-3, as amended by P.L. 6-1997, and all changes in tax rates, deductions, and limits on indebtedness made by P.L. 6-1997 apply only to budget years and property taxes first due and payable after December 31, 2001.(b) For the purpose of computing: (1) the maximum levy growth quotient under IC 6-1.1-18.5-2; and(2) any other value that requires the use of an assessed value from a date before March 1, 2001; for a budgetary appropriation, state distribution, or property tax levy first due and payable after December 31, 2001, the assessed value from a date before March 1, 2001, must first be increased from thirty-three and thirty-three hundredths percent (33.33%) of true tax value to one hundred percent (100%) of true tax value before the computation is made.
(c) For the purpose of computing:(1) a tax rate under IC 6-1.1-19-1.5 (before its repeal); and(2) any other value that requires the use of a tax rate from a date before March 1, 2001; for a budgetary appropriation, state distribution, or property tax levy first due and payable after December 31, 2001, a tax rate from a date before January 1, 2002, must first be reduced by dividing the tax rate by three (3) before the computation is made.
(d) The department of local government finance shall adjust the tax rates of all taxing units to eliminate the effects of changing assessed values from thirty-three and thirty-three hundredths percent (33.33%) of true tax value to one hundred percent (100%) of true tax value.(e) If a maximum property tax rate that was enacted before 1997 is not amended by P.L. 6-1997, the department of local government finance shall adjust the maximum tax rate to eliminate the effects of changing assessed values from thirty-three and thirty-three hundredths percent (33.33%) of true tax value to one hundred percent (100%) of true tax value.(f) The state board of tax commissioners shall prepare the initial schedule of adjusted assessed values for all political subdivisions under IC 36-1-15, as added by P.L. 6-1997, not later than July 1, 2001.(g) It is the intent of the general assembly that all adjustments necessary to implement IC 6-1.1-1-3, as amended by P.L. 6-1997, be made without raising the revenues available to governmental units more than would have occurred if P.L. 6-1997 were not enacted. The department of local government finance shall provide fiscal officers in the taxing units, assessing officials, and members of the board of tax adjustment with instructions on how to implement this section.(h) If a statute that imposes an assessed value limitation on the aggregate amount of bonds that a political subdivision may issue that was enacted before 1997 is not amended by P.L. 6-1997, the department of local government finance shall adjust the assessed value limitation to eliminate the effects of changing assessed values from thirty-three and thirty-three hundredths percent (33.33%) of true tax value to one hundred percent (100%) of true tax value.(i) The department of local government finance shall, if necessary to protect owners of bonds payable in whole or in part from tax increment, adjust the base assessed value to neutralize the effect of changing assessed values under P.L. 6-1997 from thirty-three and thirty-three hundredths percent (33.33%) of true tax value to one hundred percent (100%) of true tax value under the following statutes: Amended by P.L. 159-2020,SEC. 3, eff. 7/1/2020.Added by P.L. 220-2011, SEC. 117, eff. 7/1/2011.