Sec. 4. (a) A political subdivision may adopt an ordinance or resolution each year to provide for the use of revenue for the purpose of providing a homestead credit the following year to homesteads. An ordinance must be adopted under this section before December 31 for credits to be provided in the following year. The ordinance applies only to the immediately following year.

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Terms Used In Indiana Code 6-1.1-20.4-4

  • homestead: has the meaning set forth in Indiana Code 6-1.1-20.4-1
  • property tax liability: means liability for the tax imposed on property under this article determined after application of all credits and deductions under this article, except the credit under this chapter, but does not include any interest or penalty imposed under this article. See Indiana Code 6-1.1-20.4-2
  • revenue: includes revenue received by a political subdivision under any law or from any person. See Indiana Code 6-1.1-20.4-3
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) A homestead credit under this chapter is to be applied to the net property tax liability due on the homestead.

As added by P.L.246-2005, SEC.61. Amended by P.L.146-2008, SEC.212.

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