Computation of adjustment factor
Sec. 7. (a) Each year in which the department of local government
finance computes a new assessment ratio for a school corporation,
the department shall also compute a new adjustment factor for the
school corporation. If the school corporation's assessment ratio for
a year is more than ninety-nine percent (99%) but less than one
hundred one percent (101%) of the state average assessment ratio for
that year, the school corporation's adjustment factor is the number
one (1). In all other cases, the school corporation's adjustment factor
equals (1) the state average assessment ratio for a year, divided by
(2) the school corporation's assessment ratio for that year. The
department of local government finance shall notify the school
corporation of its new adjustment factor before March 2 of the year
in which the department calculates the new adjustment factor.
(b) This subsection applies in a calendar year in which a general
reassessment takes effect. If the department of local government
finance has not computed:
(1) a new assessment ratio for a school corporation; or
(2) a new state average assessment ratio;
the school corporation's adjustment factor is the number one (1) until
the department of local government finance notifies the school
corporation of the school corporation's new adjustment factor.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.273-1999,
SEC.131; P.L.90-2002, SEC.243; P.L.224-2003, SEC.138.
Last modified: May 28, 2006