Indiana Code - Taxation - Title 6, Section 6-1.1-18.5-2

Assessed value growth quotient; formula

Sec. 2. (a) As used in this section, "Indiana nonfarm personal
income" means the estimate of total nonfarm personal income for
Indiana in a calendar year as computed by the federal Bureau of
Economic Analysis using any actual data for the calendar year and
any estimated data determined appropriate by the federal Bureau of
Economic Analysis.
(b) For purposes of determining a civil taxing unit's maximum
permissible ad valorem property tax levy for an ensuing calendar
year, the civil taxing unit shall use the assessed value growth
quotient determined in the last STEP of the following STEPS:

STEP ONE: For each of the six (6) calendar years immediately

preceding the year in which a budget is adopted under
IC 6-1.1-17-5 for the ensuing calendar year, divide the Indiana
nonfarm personal income for the calendar year by the Indiana
nonfarm personal income for the calendar year immediately
preceding that calendar year, rounding to the nearest
one-thousandth (0.001).

STEP TWO: Determine the sum of the STEP ONE results.
STEP THREE: Divide the STEP TWO result by six (6),
rounding to the nearest one-thousandth (0.001).
STEP FOUR: Determine the lesser of the following:
(A) The STEP THREE quotient.
(B) One and six-hundredths (1.06).

As added by P.L.73-1983, SEC.1. Amended by P.L.44-1984, SEC.1;
P.L.198-2001, SEC.52; P.L.192-2002(ss), SEC.35.

Last modified: May 28, 2006