Sec. 27. (a) This section applies only to the town of Winfield in Lake County.

     (b) Subject to subsection (c), the executive of a town described in subsection (a) may, after approval by the fiscal body of the town, and before August 1, 2021, submit a petition to the department of local government finance requesting an increase in the town’s maximum permissible ad valorem property tax levy for property taxes first due and payable in 2022.

     (c) Before the fiscal body of the town may approve a petition under subsection (b), the fiscal body of the town must hold a public hearing on the petition. The fiscal body shall give notice of the public hearing under IC 5-3-1. At the public hearing, the fiscal body shall make available to the public the following:

(1) A fiscal plan describing the need for the increase to the levy and the expenditures for which the revenue generated from the increase to the levy will be used.

(2) A statement that the proposed increase will be a permanent increase to the town’s maximum permissible ad valorem property tax levy.

(3) The estimated effect of the proposed increase on taxpayers.

(4) The anticipated property tax rates and levies for property taxes first due and payable in 2022.

(5) The anticipated impact on local income tax distributions to the town, compared to other political subdivisions in the county, for distributions made in 2023 and thereafter.

(6) The anticipated impact on excise tax distributions to the town, compared to other political subdivisions in the county, for distributions made in 2022 and thereafter.

After the fiscal body approves the petition, the town shall immediately notify the other civil taxing units and school corporations in the county that are located in a taxing district where the town is also located.

     (d) If the executive of the town submits a petition under subsection (b), the department of local government finance shall increase the maximum permissible ad valorem property tax levy for property taxes first due and payable in 2022 by not more than one million one hundred thousand dollars ($1,100,000).

     (e) The town’s maximum permissible ad valorem property tax levy for property taxes first due and payable in 2022, as adjusted under this section, shall be used in the determination of the town’s maximum permissible ad valorem property tax levy under IC 6-1.1-18.5 for property taxes first due and payable in 2023 and thereafter.

     (f) This section expires June 30, 2026.

As added by P.L.38-2021, SEC.34.