Indiana Code 20-45-7-18. Calculation; tax rate
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Sec. 18. The county council shall set a rate for the tax that will produce the total amount of the entitlements of the qualified school corporations for the next calendar year. However, the amount of the tax levy may not be greater than the amount determined under STEP TWO of the following formula:
STEP TWO: Multiply the STEP ONE amount by the ADA ratio.
STEP ONE: Determine the total dollar amount of that tax levy for 1972, payable in calendar year 1973, assuming one hundred percent (100%) tax collection.
Terms Used In Indiana Code 20-45-7-18
- ADA: means , as to any qualified school corporation, the average number of pupils in daily attendance in the qualified school corporation, determined in accordance with the rules established by the state board. See Indiana Code 20-45-7-3
- county council: refers to the county council of a qualified county. See Indiana Code 20-45-7-7
- tax: refers to the county supplemental school financing property tax to be levied by the county council under this chapter. See Indiana Code 20-45-7-15
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
[Pre-2006 Recodification Citation: 21-2-12-4.1(a) part.]
As added by P.L.2-2006, SEC.168.