2023 Indiana Code
Title 6. Taxation
Article 1.1. Property Taxes
Chapter 17. Procedures for Fixing and Reviewing Budgets, Tax Rates, and Tax Levies
6-1.1-17-3.1. School Corporation Operating Referendum Tax Levy; Maximum Amount
Sec. 3.1. (a) This section:
(1) applies only to an operating referendum tax levy under IC 20-46-1 approved by the voters before January 1, 2023, that is imposed by a school corporation for taxes first due and payable in 2024;
(2) does not apply to an operating referendum tax levy under IC 20-46-1 approved by the voters after December 31, 2022, and before January 1, 2024, that is imposed by a school corporation for taxes first due and payable in 2024; and
(3) does not apply to any other tax year.
(b) Notwithstanding any increase in the assessed value of property from the previous assessment date, the total amount of operating referendum tax that may be levied by a school corporation may not exceed the lesser of:
(1) the maximum operating referendum tax that could be levied by the school corporation for taxes first due and payable in 2023 multiplied by one and three-hundredths (1.03); or
(2) the maximum operating referendum tax that could otherwise be levied by the school corporation for taxes first due and payable in 2024.
The tax rate for an operating referendum tax levy shall be decreased, if necessary, to comply with this limitation.
(c) This section expires July 1, 2025.
As added by P.L.239-2023, SEC.4.
