Indiana Code 20-44-3-2. “Levy excess” defined; limitation
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Terms Used In Indiana Code 20-44-3-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 2. As used in this chapter, “levy excess” means that part of the property tax levy actually collected by a school corporation for taxes first due and payable during a particular calendar year that exceeds the school corporation’s total levy, as approved by the department of local government finance under IC 6-1.1-17, for those property taxes. The term does not include delinquent ad valorem property taxes collected during a particular year that were assessed for an assessment date that precedes the assessment date for the current year in which the ad valorem property taxes are collected.
[Pre-2006 Recodification Citation: 6-1.1-19-1.7(a).]
As added by P.L.2-2006, SEC.167. Amended by P.L.154-2006, SEC.68.