Calculation of credit
Sec. 7. If the credit under this chapter is authorized under section
2 of this chapter for property taxes first due and payable in a calendar
year:
(1) a person is entitled to a credit against the person's property
tax liability for property taxes first due and payable in that
calendar year attributable to the person's qualified residential
property located in the county; and
(2) the amount of the credit is the amount by which the person's
property tax liability attributable to the person's qualified
residential property for property taxes first due and payable in
that calendar year exceeds two percent (2%) of the gross
assessed value that is the basis for determination of property
taxes on the qualified residential property for property taxes
first due and payable in that calendar year.
As added by P.L.246-2005, SEC.62.
Last modified: May 28, 2006