Requirement for credit; adoption of ordinance or resolution
Sec. 4. (a) A political subdivision may adopt an ordinance or
resolution each year to provide for the use of revenue for the purpose
of providing a homestead credit the following year to homesteads.
An ordinance must be adopted under this section before December
31 for credits to be provided in the following year. The ordinance
applies only to the immediately following year.
(b) A homestead credit under this chapter is to be applied to the
net property tax liability due on the homestead.
(c) A homestead credit under this chapter does not reduce the
basis for determining the state property tax replacement credit under
IC 6-1.1-21 or the state homestead credit under IC 6-1.1-20.9.
As added by P.L.246-2005, SEC.61.
Last modified: May 28, 2006