Article 10. - Finance.
Section 1. (a) The General Assembly shall provide, by law, for a
uniform and equal rate of property assessment and taxation and shall
prescribe regulations to secure a just valuation for taxation of all
property, both real and personal. The General Assembly may exempt
from property taxation any property in any of the following classes:
(1) Property being used for municipal, educational, literary, scientific, religious, or charitable purposes.
(2) Tangible personal property other than property being held as an investment.
(3) Intangible personal property.
(4) Tangible real property, including curtilage, used as a principal place of residence by an:
(A) owner of the property;
(B) individual who is buying the tangible real property under a contract; or
(C) individual who has a beneficial interest in the owner of the tangible real property.
(b) The General Assembly may exempt any motor vehicles, mobile homes, airplanes, boats, trailers, or similar property, provided that an excise tax in lieu of the property tax is substituted therefor.
(History: As Amended November 8, 1966; November 2, 2004).
Section 2. All the revenues derived from the sale of any of the
public works belonging to the State, and from the net annual income
thereof, and any surplus that may, at any time, remain in the Treasury,
derived from taxation for general State purposes, after the payment of
the ordinary expenses of the government, and of the interest on bonds
of the State, other than Bank bonds; shall be annually applied, under
the direction of the General Assembly, to the payment of the principal
of the Public Debt.
Section 3. No money shall be drawn from the Treasury, but in
pursuance of appropriations made by law.
Section 4. An accurate statement of the receipts and expenditures of
the public money, shall be published with the laws of each regular
session of the General Assembly.
Section 5. No law shall authorize any debt to be contracted, on
behalf of the State, except in the following cases: to meet casual
deficits in the revenue; to pay the interest on the State Debt; to repel
invasion, suppress insurrection, or, if hostilities be threatened, provide
for the public defense.
Section 6. No county shall subscribe for stock in any incorporated company, unless the same be paid for at the time of such subscription; nor shall any county loan its credit to any incorporated company, nor borrow money for the purpose of taking stock in any such company;
nor shall the General Assembly ever, on behalf of the State, assume the
debts of any county, city, town, or township; nor of any corporation
Section 7. No law or resolution shall ever be passed by the General
Assembly of the State of Indiana, that shall recognize any liability of
this State to pay or redeem any certificate of stock issued in pursuance
of an act entitled "An Act to provide for the funded debt of the State of
Indiana, and for the completion of the Wabash and Erie Canal to
Evansville," passed January 19th, 1846; and an act supplemental to
said act, passed January 29th, 1847, which, by the provisions of the
said acts, or either of them, shall be payable exclusively from the
proceeds of the canal lands, and the tolls and revenues of the canal, in
said acts mentioned, and no such certificates or stocks shall ever be
paid by this State.
(History: Added February 18, 1873).
Section 8. The general assembly may levy and collect a tax upon
income, from whatever source derived, at such rates, in such manner,
and with such exemptions as may be prescribed by law.
(History: Added November 8, 1932).