Property reassessment fund; tax levies; petition to increase levy;
appeal
Sec. 27.5. (a) The auditor of each county shall establish a property
reassessment fund. The county treasurer shall deposit all collections
resulting from the property taxes that the county levies for the
county's property reassessment fund.
(b) With respect to the general reassessment of real property that
is to commence on July 1, 2009, the county council of each county
shall, for property taxes due in 2006, 2007, 2008, and 2009, levy in
each year against all the taxable property in the county an amount
equal to one-fourth (1/4) of the remainder of:
(1) the estimated costs referred to in section 28.5(a) of this
chapter; minus
(2) the amount levied under this section by the county council
for property taxes due in 2004 and 2005.
(c) With respect to a general reassessment of real property that is
to commence on July 1, 2014, and each fifth year thereafter, the
county council of each county shall, for property taxes due in the
year that the general reassessment is to commence and the four (4)
years preceding that year, levy against all the taxable property in the
county an amount equal to one-fifth (1/5) of the estimated costs of
the general reassessment under section 28.5 of this chapter.
(d) The department of local government finance shall give to each
county council notice, before January 1 in a year, of the tax levies
required by this section for that year.
(e) The department of local government finance may raise or
lower the property tax levy under this section for a year if the
department determines it is appropriate because the estimated cost
of:
(1) a general reassessment; or
(2) making annual adjustments under section 4.5 of this chapter;
has changed.
(f) The county assessor or township assessor may petition the
county fiscal body to increase the levy under subsection (b) or (c) to
pay for the costs of:
(1) a general reassessment;
(2) verification under 50 IAC 21-3-2 of sales disclosure forms
forwarded to the county assessor under IC 6-1.1-5.5-3; or
(3) processing annual adjustments under section 4.5 of this
chapter.
The assessor must document the needs and reasons for the increased
funding.
(g) If the county fiscal body denies a petition under subsection (f),
the assessor may appeal to the department of local government
finance. The department of local government finance shall:
(1) hear the appeal; and
(2) determine whether the additional levy is necessary.
As added by P.L.198-2001, SEC.18. Amended by P.L.90-2002,
SEC.42; P.L.151-2002, SEC.1 and P.L.178-2002, SEC.7;
P.L.245-2003, SEC.5; P.L.228-2005, SEC.9.
Last modified: May 28, 2006