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DIGEST OF INTRODUCED BILL
Property taxes. Provides that a county auditor may reduce a taxing unit's assessed valuation to enable the taxing unit to absorb the effects of reduced property tax collections resulting from successful assessed valuation appeals. Requires the county auditor to keep separately on the tax duplicate the amount of any reductions. Provides that the maximum amount of the reduction is 2% of the taxing unit's assessed valuation. Allows the county auditor to appeal to the department of local government finance to reduce a taxing unit's assessed valuation by more than 2%. Allows taxing units to use "banked" property tax levies in the calculation of maximum levies. Excludes the part of a taxing unit's levy that is attributable to banking of unused maximum levies from the computation of property tax replacement credits and homestead credits.