Levy of tax; district
Sec. 12. (a) A tax is imposed each year on all taxable property in
the district in which the governing body exercises jurisdiction.
(b) Except as provided in subsections (c) and (d), the tax imposed
under this section shall be automatically imposed at a rate sufficient
to generate the tax increment replacement amount determined under
section 11(b) of this chapter for that year.
(c) The legislative body of the unit that established the district
may:
(1) reduce the amount of the tax to be levied under this section;
or
(2) determine that no tax should be levied under this section.
(d) This subsection applies to a district in which the total assessed
value of all allocation areas in the district is greater than ten percent
(10%) of the total assessed value of the district. Except as provided
in section 14(d) of this chapter, a tax levy imposed under this section
may not exceed the lesser of:
(1) the tax increment replacement amount; or
(2) the amount that will result from the imposition of a rate for
the tax levy that the department of local government finance
estimates will cause the total tax rate in the district to be one
hundred ten percent (110%) of the rate that would apply if the
tax levy authorized by this chapter were not imposed for the
year.
As added by P.L.192-2002(ss), SEC.44.
Last modified: May 28, 2006