a political subdivision may not impose property taxes to pay debt service on bonds or lease rentals on a lease for a controlled project unless the political subdivision's proposed debt service or lease rental is approved in an election on a local public question held under this section.
"Shall ________ (insert the name of the political subdivision) increase property taxes paid to the _______ (insert the type of taxing unit) by homeowners and businesses? If this public question is approved by the voters, the average property tax paid to the _______ (insert the type of taxing unit) per year on a residence would increase by ______ % (insert the estimated average percentage of property tax increase paid to the political subdivision on a residence within the political subdivision as determined under subsection (n)) and the average property tax paid to the _____ (insert the type of taxing unit) per year on a business property would increase by ______ % (insert the estimated average percentage of property tax increase paid to the political subdivision on a business property within the political subdivision as determined under subsection (o)). The political subdivision may issue bonds or enter into a lease to ________ (insert a brief description of the controlled project), which is estimated to cost _______ (insert the total cost of the project) over ______ (insert number of years to bond maturity or termination of lease) years. The most recent property tax referendum within the boundaries of the political subdivision for which this public question is being considered was proposed by ________ (insert name of political subdivision) in ______ (insert year of most recent property tax referendum) and ________ (insert whether the measure passed or failed).".
The public question must appear on the ballot in the form approved by the county election board. If the political subdivision proposing to issue bonds or enter into a lease is located in more than one (1) county, the county election board of each county shall jointly approve the form of the public question that will appear on the ballot in each county. The form approved by the county election board may differ from the language certified to the county election board by the county auditor. If the county election board approves the language of a public question under this subsection, the county election board shall submit the language and the certification of the county auditor described in subsection (p) to the department of local government finance for review.
Subject to the certification requirements and deadlines under this subsection and except as provided in subsection (j), the public question shall be placed on the ballot at the next primary election, general election or municipal election in which all voters of the political subdivision are entitled to vote. However, if a primary election, general election, or municipal election will not be held during the first year in which the public question is eligible to be placed on the ballot under this section and if the political subdivision requests the public question to be placed on the ballot at a special election, the public question shall be placed on the ballot at a special election to be held on the first Tuesday after the first Monday in May or November of the year. The certification must occur not later than noon seventy-four (74) days before a special election to be held in May (if the special election is to be held in May) or noon on August 1 (if the special election is to be held in November). The fiscal body of the political subdivision that requests the special election shall pay the costs of holding the special election. The county election board shall give notice under IC 5-3-1 of a special election conducted under this subsection. A special election conducted under this subsection is under the direction of the county election board. The county election board shall take all steps necessary to carry out the special election.
the limit under subsection (h)(2)(B) applies to the holding of a second public question by the political subdivision and the limit under subsection (h)(2)(A) does not apply to the holding of a second public question by the political subdivision.
STEP ONE: Determine the average assessed value of a homestead located within the political subdivision.
STEP TWO: For purposes of determining the net assessed value of the average homestead located within the political subdivision, subtract:
from the result of STEP ONE.
STEP THREE: Divide the result of STEP TWO by one hundred (100).
STEP FOUR: Determine the overall average tax rate per one hundred dollars ($100) of assessed valuation for the current year imposed on property located within the political subdivision.
STEP FIVE: For purposes of determining net property tax liability of the average homestead located within the political subdivision:
STEP SIX: Determine the amount of the political subdivision's part of the result determined in STEP FIVE.
STEP SEVEN: Determine the estimated tax rate that will be imposed if the public question is approved by the voters.
STEP EIGHT: Multiply the result of STEP SEVEN by the result of STEP THREE.
STEP NINE: Divide the result of STEP EIGHT by the result of STEP SIX, expressed as a percentage.
STEP ONE: Determine the average assessed value of business property located within the political subdivision.
STEP TWO: Divide the result of STEP ONE by one hundred (100).
STEP THREE: Determine the overall average tax rate per one hundred dollars ($100) of assessed valuation for the current year imposed on property located within the political subdivision.
STEP FOUR: For purposes of determining net property tax liability of the average business property located within the political subdivision:
STEP FIVE: Determine the amount of the political subdivision's part of the result determined in STEP FOUR.
STEP SIX: Determine the estimated tax rate that will be imposed if the public question is approved by the voters.
STEP SEVEN: Multiply the result of STEP TWO by the result of STEP SIX.
STEP EIGHT: Divide the result of STEP SEVEN by the result of STEP FIVE, expressed as a percentage.
IC 6-1.1-20-3.6