Section 6-6-5-14 - Limitations on indebtedness of political or municipal corporations; effect(a) The excise tax imposed by this chapter is equal to an average property tax rate of two dollars ($2) on each one hundred dollars ($100) taxable value.(b) For the purpose of limitations on indebtedness of political or municipal corporations imposed by Article 13, Section 1 of the Constitution of the State of Indiana, vehicles subject to tax under this chapter shall be deemed to be taxable property within each such political or municipal corporation where the owner resides.(c) The assessed valuation of such vehicles shall be determined by multiplying the amount of the tax by one hundred (100) and dividing such result by two dollars ($2).Amended by P.L. 256-2017,SEC. 40, eff. 7/1/2017.(Formerly: Acts 1969, c.423, s.14.) As amended by P.L. 2-1988, SEC.17; P.L. 98-1989, SEC.7; P.L. 33-1990, SEC.15; P.L. 6-1997, SEC.128.