Indiana Code - Taxation - Title 6, Section 6-3.5-1.1-12-a

Version a

Allocation of property tax replacement credits; amount; formula;
certification

Note: This version of section effective until 1-1-2006. See also
following version of this section, effective 1-1-2006.

Sec. 12. (a) The part of a county's certified distribution for a
calendar year that is to be used as property tax replacement credits
shall be allocated by the county auditor among the civil taxing units
and school corporations of the county.
(b) Except as provided in section 13 of this chapter, the amount
of property tax replacement credits that each civil taxing unit and
school corporation in a county is entitled to receive during a calendar
year equals the product of:
(1) that part of the county's certified distribution that is
dedicated to providing property tax replacement credits for that
same calendar year; multiplied by
(2) a fraction:
(A) The numerator of the fraction equals the sum of the total
property taxes being collected by the civil taxing unit or
school corporation during that calendar year, plus with
respect to a civil taxing unit, the amount of federal revenue
sharing funds and certified shares received by it during that
calendar year to the extent that they are used to reduce its

property tax levy below the limit imposed by IC 6-1.1-18.5
for that same calendar year.
(B) The denominator of the fraction equals the sum of the
total property taxes being collected by all civil taxing units
and school corporations, plus the amount of federal revenue
sharing funds and certified shares received by all civil taxing
units in the county to the extent that they are used to reduce
the civil taxing units' property tax levies below the limits
imposed by IC 6-1.1-18.5 for that same calendar year.
(c) The department of local government finance shall provide
each county auditor with the amount of property tax replacement
credits that each civil taxing unit and school corporation in the
auditor's county is entitled to receive. The county auditor shall then
certify to each civil taxing unit and school corporation the amount of
property tax replacement credits it is entitled to receive (after
adjustment made under section 13 of this chapter) during that
calendar year. The county auditor shall also certify these
distributions to the county treasurer.

As added by P.L.73-1983, SEC.2. Amended by P.L.90-2002,
SEC.293.

Last modified: May 28, 2006