2023 Indiana Code › Title 6. Taxation › Article 1.1. Property Taxes › Chapter 18. Limitations on Property Tax Rates and Appropriations › 6-1.1-18-29.5. Fire Protection Territory's Petition for an Increase to Its Maximum Ad Valorem Property Tax Levy for Its Fire Protection Territory Fund; Formula; Calculation

Sec. 29.5. (a) The executive of a unit serving as the provider unit of a fire protection territory may, upon approval by the provider unit's fiscal body, submit a petition to the department of local government finance for an increase in the fire protection territory's maximum permissible ad valorem property tax levy for its fire protection territory fund under IC 36-8-19-8 for property taxes first due and payable in 2023 or for any year thereafter for which a petition is submitted under this section.
(b) If a petition is submitted as provided in subsection (a) before August 1, 2022, or April 1 of a year thereafter, the department of local government finance shall increase the fire protection territory's maximum permissible ad valorem property tax levy for the fire protection territory fund under IC 36-8-19-8 for property taxes first due and payable in the immediately succeeding year by using the following formula for purposes of subsection (c)(2):
STEP ONE: Determine the percentage increase in the population, as determined by the provider unit's fiscal body and as may be prescribed by the department of local government finance, that is within the fire protection territory area during the ten (10) year period immediately preceding the year in which the petition is submitted under subsection (a). The provider unit's fiscal body may use the most recently available population data issued by the Bureau of the Census during the ten (10) year period immediately preceding the petition.
STEP TWO: Determine the greater of zero (0) or the result of:
(A) the STEP ONE percentage; minus
(B) six percent (6%);
expressed as a decimal.
STEP THREE: Determine a rate that is the lesser of:
(A) fifteen-hundredths (0.15); or
(B) the STEP TWO result.
STEP FOUR: Reduce the STEP THREE rate by any rate increase in the fire protection territory's property tax rate for its fire protection territory fund within the immediately preceding ten (10) year period that was made based on a petition submitted by the fire protection territory under this section.
(c) The fire protection territory's maximum permissible ad valorem property tax levy for its fire protection territory fund under IC 36-8-19-8 for property taxes first due and payable in a given year, as adjusted under this section, shall be calculated as:
(1) the amount of the ad valorem property tax levy increase for the fire protection territory fund without regard to this section; plus
(2) an amount equal to the result of:
(A) the rate determined under the formula in subsection (b); multiplied by
(B) the net assessed value of the fire protection territory area divided by one hundred (100).
The calculation under this subsection shall be used in the determination of the fire protection territory's maximum permissible ad valorem property tax levy under IC 36-8-19-8 for property taxes first due and payable in the first year of the increase and thereafter.
As added by P.L.95-2022, SEC.1.