Limitations on indebtedness of political or municipal corporations;
effect
Sec. 14. The excise tax imposed by this chapter is hereby
determined to be equivalent to an average property tax rate of two
dollars ($2) on each one hundred dollars ($100) taxable value. For
the purpose of limitations on indebtedness of political or municipal
corporations imposed by Article 13, Section 1 of the Constitution of
the State of Indiana, motor vehicles subject to tax under this chapter
shall be deemed to be taxable property within each such political or
municipal corporation where the owner resides. The assessed
valuation of such vehicles shall be determined by multiplying the
amount of the tax by one hundred (100) and dividing such result by
two dollars ($2).
(Formerly: Acts 1969, c.423, s.14.) As amended by P.L.2-1988,
SEC.17; P.L.98-1989, SEC.7; P.L.33-1990, SEC.15; P.L.6-1997,
SEC.128.
Last modified: May 28, 2006