Indebtedness of political or municipal corporations; assessed
valuation
Sec. 36. For the purpose of the limitations on indebtedness of
political or municipal corporations imposed by Article 13, Section 1
of the Constitution of the State of Indiana, a boat subject to taxation
under this chapter is considered taxable property within the political
or municipal corporation in which the boat has its tax situs. For that
purpose, the assessed valuation of the boat is the quotient of:
(1) the excise tax collected in the county multiplied by one
hundred (100); divided by
(2) the gross property tax rate for the political subdivision or
municipal corporation.
As added by P.L.98-1989, SEC.1.
Last modified: May 28, 2006