Indiana Code 6-6-6.5-22. Equivalence to average property tax rate; effect on constitutional debt limit; determination of assessed valuation
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Terms Used In Indiana Code 6-6-6.5-22
- Aircraft: means a device which is designed to provide air transportation for one (1) or more individuals or for cargo. See Indiana Code 6-6-6.5-1
- 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.
- Department: refers to the department of state revenue. See Indiana Code 6-6-6.5-1
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 22. The excise tax imposed by this chapter is hereby determined to be equivalent to an average property tax rate of three dollars ($3) on each one hundred dollars ($100) taxable value. For the purpose of limitations on indebtedness of political or municipal corporations imposed by Article 13, Section 1 of the Indiana Constitution, aircraft subject to tax under this chapter shall be deemed to be taxable property within each such political or municipal corporation where the aircraft is based as shown on the records of the department. The assessed valuation of such aircraft shall be determined by multiplying the amount of the tax by one hundred (100) and dividing such result by nine dollars ($9).
Formerly: Acts 1975, P.L.68, SEC.1. As amended by P.L.93-1983, SEC.12; P.L.6-1997, SEC.129.