2023 Indiana Code › Title 36. Local Government › Article 7. Planning and Development › Chapter 15.6. Flood Control Improvement Districts › 36-7-15.6-13. Distribution and Allocation of Taxes; Allocation Area; Allocation of Excess Assessed Value

Sec. 13. (a) An allocation provision adopted under this chapter must:
(1) apply to the entire flood control improvement district; and
(2) require that any property tax on taxable property subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes in the flood control improvement district be allocated and distributed as provided in subsections (b) and (c).
(b) Except as otherwise provided in this section:
(1) the proceeds of the taxes attributable to the lesser of:
(A) the assessed value of the taxable property for the assessment date with respect to which the allocation and distribution is made; or
(B) the base assessed value;
shall be allocated and, when collected, paid into the funds of the respective taxing units; and
(2) the proceeds of the property taxes imposed for the assessment date with respect to which the allocation and distribution is made that are attributable to taxes imposed after being approved by the voters in a referendum or local public question and not otherwise included in subdivision (1), shall be allocated to and, when collected, paid into the funds of the taxing unit for which a referendum or local public question was conducted.
(c) Except as provided in section 20 of this chapter and as provided in subsection (d), all the property tax proceeds that exceed those described in subsection (b) shall be allocated to the commission, when collected, and paid into the flood control improvement fund established for the district under section 16 of this chapter.
(d) Before July 15 of each year, the commission shall do the following:
(1) Determine the amount, if any, by which the property tax proceeds to be deposited in the flood control improvement fund will exceed the amount of assessed value needed to provide the property taxes necessary to make, when due, principal and interest payments on bonds described in section 17 of this chapter, or on bonds described in section 19(a) of this chapter, whichever is applicable, plus the amount necessary for other purposes described in section 17 of this chapter.
(2) Provide a written notice to the county auditor, the legislative body of the unit that established the commission, and the officers who are authorized to fix budgets, tax rates, and tax levies under IC 6-1.1-17-5 for each of the other taxing units that are wholly or partly located within the allocation area. The notice must:
(A) state the amount, if any, of excess tax proceeds that the commission has determined may be allocated to the respective taxing units in the manner prescribed in subsection (c); or
(B) state that the commission has determined that there is no excess assessed value that may be allocated to the respective taxing units in the manner prescribed in subdivision (1).
The county auditor shall allocate to the respective taxing units the amount, if any, of excess assessed value determined by the commission. The commission may not authorize an allocation of property tax proceeds under this subdivision if to do so would endanger the interests of the holders of bonds described in section 17 of this chapter.
(e) If the amount of excess assessed value determined by the commission is expected to generate more than two hundred percent (200%) of the amount of allocated tax proceeds:
(1) necessary to make, when due, principal and interest payments on bonds described in section 17 of this chapter, or on bonds described in section 19(a) of this chapter, whichever is applicable; or
(2) necessary to maintain and repair the flood control works in the district, if the fiscal body of the unit has adopted an ordinance providing for the maintenance and repair of the flood control works following the maturity of the bonds under section 20(a) or 20(b) of this chapter;
the commission shall submit to the legislative body of the unit its determination of the excess assessed value that the commission proposes to allocate to the respective taxing units in the manner prescribed in subsection (b). The legislative body of the unit may approve the commission's determination or modify the amount of the excess assessed value that will be allocated to the respective taxing units in the manner prescribed in subsection (b).
(f) Notwithstanding any other law, the assessed value of all taxable property in the flood control improvement district, for purposes of tax limitation, property tax replacement, and formulation of the budget, tax rate, and tax levy for each political subdivision in which the property is located is the lesser of:
(1) the assessed value of the taxable property as valued without regard to this section; or
(2) the base assessed value.
As added by P.L.61-2018, SEC.1.