Equivalence to average property tax rate; effect on constitutional
debt limit; determination of assessed valuation
Sec. 22. The excise tax imposed by this chapter is hereby
determined to be equivalent to an average property tax rate of three
dollars ($3) 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 Indiana
Constitution, aircraft subject to tax under this chapter shall be
deemed to be taxable property within each such political or
municipal corporation where the aircraft is based as shown on the
records of the department. The assessed valuation of such aircraft
shall be determined by multiplying the amount of the tax by one
hundred (100) and dividing such result by nine dollars ($9).
(Formerly: Acts 1975, P.L.68, SEC.1.) As amended by P.L.93-1983,
SEC.12; P.L.6-1997, SEC.129.
Last modified: May 28, 2006