Levy limit on taxes by library board for capital projects fund;
exemption
Sec. 10.3. (a) The ad valorem property tax levy limits imposed by
section 3 of this chapter do not apply to ad valorem property taxes
imposed by a library board for a capital projects fund under
IC 36-12-12. However, the maximum amount that is exempt from the
levy limits under this section may not exceed the property taxes that
would be raised in the ensuing calendar year with a property tax rate
of one and thirty-three hundredths cents ($0.0133) per one hundred
dollars ($100) of assessed valuation.
(b) For purposes of computing the ad valorem property tax levy
limit imposed on a library board under section 3 of this chapter, the
library board's ad valorem property tax levy for a particular calendar
year does not include that part of the levy imposed under IC 36-12-12
that is exempt from the ad valorem property tax levy limits under
subsection (a).
As added by P.L.35-1990, SEC.8. Amended by P.L.6-1997, SEC.83;
P.L.1-2005, SEC.88; P.L.231-2005, SEC.1.
Last modified: May 28, 2006