Eligibility of taxpayers for property tax replacement credit; mobile
homes
Sec. 5. (a) Each year the taxpayers of each county shall receive a
credit for property tax replacement in the amount of each taxpayer's
property tax replacement credit amount for taxes which:
(1) under IC 6-1.1-22-9 are due and payable in May and
November of that year; or
(2) under IC 6-1.1-22-9.5 are due in installments established by
the department of local government finance for that year.
The credit shall be applied to each installment of taxes. The dollar
amount of the credit for each taxpayer shall be determined by the
county auditor, based on data furnished by the department of local
government finance.
(b) The tax liability of a taxpayer for the purpose of computing
the credit for a particular year shall be based upon the taxpayer's tax
liability as is evidenced by the tax duplicate for the taxes payable in
that year, plus the amount by which the tax payable by the taxpayer
had been reduced due to the application of county adjusted gross
income tax revenues to the extent the county adjusted gross income
tax revenues were included in the determination of the total county
tax levy for that year, as provided in sections 2(g) and 3 of this
chapter, adjusted, however, for any change in assessed valuation
which may have been made pursuant to a post-abstract adjustment if
the change is set forth on the tax statement or on a corrected tax
statement stating the taxpayer's tax liability, as prepared by the
county treasurer in accordance with IC 6-1.1-22-8(a). However,
except when using the term under section 2(l)(1) of this chapter, the
tax liability of a taxpayer does not include the amount of any
property tax owed by the taxpayer that is attributable to that part of
any property tax levy subtracted under section 2(g)(1)(B), 2(g)(1)(C),
2(g)(1)(D), 2(g)(1)(E), 2(g)(1)(F), 2(g)(1)(G), 2(g)(1)(H), 2(g)(1)(I),
2(g)(1)(J), or 2(g)(1)(K) of this chapter in computing the total county
tax levy.
(c) The credit for taxes payable in a particular year with respect
to mobile homes which are assessed under IC 6-1.1-7 is equivalent
to the taxpayer's property tax replacement credit amount for the taxes
payable with respect to the assessments plus the adjustments stated
in this section.
(d) Each taxpayer in a taxing district that contains all or part of an
economic development district that meets the requirements of section
5.5 of this chapter is entitled to an additional credit for property tax
replacement. This credit is equal to the product of:
(1) the STEP TWO quotient determined under section 4(a)(3)
of this chapter for the taxing district; multiplied by
(2) the taxpayer's taxes levied in the taxing district that are
allocated to a special fund under IC 6-1.1-39-5.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.74-1983,
SEC.3; P.L.44-1984, SEC.9; P.L.86-1987, SEC.3; P.L.41-1993,
SEC.21; P.L.36-1994, SEC.10; P.L.192-2002(ss), SEC.42;
P.L.1-2003, SEC.26; P.L.1-2004, SEC.34 and P.L.23-2004, SEC.37.
Last modified: May 28, 2006