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DIGEST OF INTRODUCED BILL
County property tax control board. Establishes a rate control and rate increase program for local units of governments, including school corporations, for all funds. Requires taxing units to use property tax rates for 2005 beginning in 2006. Combines the school transportation fund with the school general fund. Separates the rate controls into four categories: (1) social service funds; (2) bonds and leases paid from a debt service fund; (3) cumulative or capital funds; and (4) all other funds. Exempts the tax levy needed to pay for 1925, 1937, and 1953 pension plans from the controls. Allows increases in the 2005 property tax rate only with the approval of a newly established county property tax control board ("control board") for all four categories. Provides that the rate is adjusted downward each year using the change in the implicit price deflator for construction costs. Establishes a control board for each county consisting of elected officials representing each type of taxing unit. Establishes a referendum procedure allowing voters to contest the control board's decision. Requires control board approval of certain bonds and leases that will be paid from a taxing unit's debt service fund. Eliminates department of local government finance ("DLGF") review of all cumulative funds, and eliminates DLGF discretion with respect to increasing, decreasing, or modifying a taxing unit's budget. Requires the DLGF to review each taxing unit's budget, tax rate, and tax levy for accuracy. Makes numerous changes to correct references.