Indiana Code 6-1.1-34-7. Department of local government finance computation of new adjustment factors for school corporations; notice of new ratio; designated adjustment factor applies under certain circumstances
(1) the state average assessment ratio for a year; divided by
Terms Used In Indiana Code 6-1.1-34-7
- 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
The department of local government finance shall notify the school corporation of its new adjustment factor before March 2 of the year in which the department calculates the new adjustment factor.
(b) This subsection applies in a calendar year after which a cycle under a county’s reassessment plan prepared under IC 6-1.1-4-4.2 is completed. If the department of local government finance has not computed a new assessment ratio for a school corporation, the school corporation’s adjustment factor is the number one (1) until the department of local government finance notifies the school corporation of the school corporation’s new adjustment factor.
[Pre-1975 Property Tax Recodification Citations: 6-1-66-2 part; 6-1-66-4 part.]
Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.273-1999, SEC.131; P.L.90-2002, SEC.243; P.L.224-2003, SEC.138; P.L.182-2009(ss), SEC.171; P.L.112-2012, SEC.47; P.L.86-2018, SEC.64.