Sec. 7.5. (a) A person is entitled to a credit against the person's property tax liability for property taxes first due and payable after 2009. The amount of the credit is the amount by which the person's property tax liability attributable to the person's:
(1) homestead exceeds one percent (1%);
(2) residential property exceeds two percent (2%);
(3) long term care property exceeds two percent (2%);
(4) agricultural land exceeds two percent (2%);
(5) nonresidential real property exceeds three percent (3%); or
(6) personal property exceeds three percent (3%);
of the gross assessed value of the property that is the basis for determination of property taxes for that calendar year.
(b) This subsection applies to property taxes first due and payable after 2009. Property taxes imposed after being approved by the voters in a referendum or local public question shall not be considered for purposes of calculating a person's credit under this section.
(c) This subsection applies to property taxes first due and payable after 2009. As used in this subsection, "eligible county" means only a county for which the general assembly determines in 2008 that limits to property tax liability under this chapter are expected to reduce in 2010 the aggregate property tax revenue that would otherwise be collected by all units of local government and school corporations in the county by at least twenty percent (20%). Property taxes imposed in an eligible county:
(1) to pay debt service:
(A) on bonds issued before July 1, 2008; or
(B) on bonds that:
(i) are issued to refund bonds originally issued before July 1, 2008; and
(ii) have a maturity date that is not later than the maturity date of the bonds refunded;
(2) to make lease payments on leases entered into before July 1, 2008, to secure bonds;
(3) to make lease payments on leases:
(A) that are amended to refund bonds secured by leases entered into before July 1, 2008; and
(B) that have a term that is not longer than the term of the leases amended; or
(4) to make lease payments on leases:
(A) that secure bonds:
(i) issued to refund bonds originally issued before July 1, 2008; and
(ii) that have a maturity date that is not later than the maturity date of the bonds refunded; and
(B) that have a term that ends not later than the maturity date of the bonds refunded;
shall not be considered for purposes of calculating a person's credit under this section.
As added by P.L.146-2008, SEC.223. Amended by P.L.205-2013, SEC.77.
Structure Indiana Code
Chapter 20.6. Credit for Excessive Property Taxes
6-1.1-20.6-0.3. General Assembly Findings
6-1.1-20.6-0.5. "Agricultural Land"
6-1.1-20.6-1.2. "Common Areas"
6-1.1-20.6-1.6. "Gross Assessed Value"
6-1.1-20.6-2.3. "Long Term Care Property"
6-1.1-20.6-2.4. "Manufactured Home"; "Mobile Home"
6-1.1-20.6-2.5. "Nonresidential Real Property"
6-1.1-20.6-3. "Property Tax Liability"
6-1.1-20.6-4. "Residential Property"
6-1.1-20.6-7. Calculation of Credit
6-1.1-20.6-7.5. Calculation of Credit
6-1.1-20.6-8. Exemption From Filing Requirement
6-1.1-20.6-8.5. Additional Credit for Certain Homesteads; Eligibility and Filing Requirements
6-1.1-20.6-9.5. Effect of Credit on Revenues
6-1.1-20.6-9.8. Allocation of Taxes Exempted From Credit
6-1.1-20.6-9.9. Allocation of Credits by Eligible School Corporations
6-1.1-20.6-10. Payment of Debt Service Obligations
6-1.1-20.6-11. Report; Effect of Circuit Breaker on Taxing Unit Revenues
6-1.1-20.6-12. Application of Credit of Excise Tax Distribution Calculations
6-1.1-20.6-13. Allocation of Credits by Distressed Political Subdivisions