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Introduced House Bill (H)

DIGEST

Property tax rates. Phases down the minimum valuation floor for depreciable personal property in a taxing district from 30% to 15% over a five year period beginning with the 2023 assessment date. Provides that, notwithstanding any increase in assessed value of property from the previous assessment date, the total amount of operating referendum tax that may be levied by a school corporation for taxes first due and payable in 2022 may not increase by more than 5% over the maximum operating referendum tax that could be levied by the school corporation in the previous year. Specifies that the statute requiring Property tax rates. Phases down the minimum valuation floor for depreciable personal property in a taxing district from 30% to 15% over a five year period beginning with the 2023 assessment date. Provides that, notwithstanding any increase in assessed value of property from the previous assessment date, the total amount of operating referendum tax that may be levied by a school corporation for taxes first due and payable in 2022 may not increase by more than 5% over the maximum operating referendum tax that could be levied by the school corporation in the previous year. Specifies that the statute requiring the adjustment of certain property tax rates does not apply to a local airport authority's cumulative building fund tax rate. Specifies that a political subdivision may increase the tax rate for its cumulative building fund without complying with procedures under the cumulative fund statute. Requires a political subdivision to give notice of the proposed increase and hold a public hearing on the proposal before increasing the tax rate. Makes technical corrections. ... View more