Skip to main content
House Bill 1902

House Bill 1902

ARCHIVE (2001)

Latest Information

DIGEST OF HB1902 (Updated April 12, 2001 5:09 PM - DI 84)

Property tax and municipal option income tax. Permits the use of gaming admissions tax revenue to reduce property tax levies. Requires the state board of tax commissioners (state board) to contract with an accounting firm with respect to Lake County to: (1) report on expenditures from the county reassessment fund; (2) reassess real property for the general reassessment to be completed for the March 1, 2002, assessment date; and (3) review succeeding general reassessments to identify assessment disparities that are then subject to correction by the state board. Provides that a taxpayer may appeal the March 1, 2002, reassessment value to the state board. Requires township assessors and the county assessor to provide support and information to the state board for the Lake County general reassessment, and provides for enforcement through the tax court of a request by the state board for information. Beginning with the 2004 reassessment date, directs the state board (instead of the township assessor) to assess major industrial properties in Lake County. Permits municipalities in Lake County to impose a municipal option income tax. Requires a public hearing before adoption of the tax. Requires a municipality to annually reduce its budget by at least 3% to retain the tax. Provides that the maximum permissible general fund property tax levy of a municipality is frozen as long as the tax is in effect. The revenue from the tax is used to reduce the adopting municipality's property tax levy. Provides that the tax may not continue in effect after December 31, 2005. Provides a state income tax credit for property tax paid on homesteads for certain low income taxpayers in Lake County. Provides that the credit is funded from gaming admissions tax revenue that would otherwise be paid to Lake County and the three largest cities by population in the county. Makes conforming amendments.
Current Status:
Law Enacted
Latest Printing (PDF)