CHAPTER 20.4. LOCAL HOMESTEAD CREDITS

IC 6-1.1-20.4
    Chapter 20.4. Local Homestead Credits

IC 6-1.1-20.4-1
"Homestead"
    Sec. 1. As used in this chapter, "homestead" has the meaning setforth in IC 6-1.1-12-37.
As added by P.L.246-2005, SEC.61. Amended by P.L.1-2009,SEC.44.

IC 6-1.1-20.4-2
"Property tax liability"
    Sec. 2. As used in this chapter, "property tax liability" meansliability for the tax imposed on property under this article determinedafter application of all credits and deductions under this article,except the credit under this chapter, but does not include any interestor penalty imposed under this article.
As added by P.L.246-2005, SEC.61.

IC 6-1.1-20.4-3
"Revenue"
    Sec. 3. As used in this chapter, "revenue" includes revenuereceived by a political subdivision under any law or from any person.
As added by P.L.246-2005, SEC.61.

IC 6-1.1-20.4-4
Requirement for credit; adoption of ordinance or resolution
    Sec. 4. (a) A political subdivision may adopt an ordinance orresolution each year to provide for the use of revenue for the purposeof providing a homestead credit the following year to homesteads.An ordinance must be adopted under this section before December31 for credits to be provided in the following year. The ordinanceapplies only to the immediately following year.
    (b) A homestead credit under this chapter is to be applied to thenet property tax liability due on the homestead.
As added by P.L.246-2005, SEC.61. Amended by P.L.146-2008,SEC.212.

IC 6-1.1-20.4-5
Calculation of credit
    Sec. 5. An ordinance or resolution adopted under this chaptermust provide for a homestead credit that is either a uniform:
        (1) percentage of the net property taxes due on the homesteadafter the application of all other deductions and credits; or
        (2) dollar amount applicable to each homestead.
The ordinance or resolution must specify the percentage or the dollaramount.
As added by P.L.246-2005, SEC.61.

IC 6-1.1-20.4-6 Credit applicable only to homestead
    Sec. 6. If the credit under this chapter is authorized for propertytaxes first due and payable in a calendar year, a person is entitled toa credit against the person's property tax liability for property taxesfirst due and payable in that calendar year attributable to the person'shomestead located in the county.
As added by P.L.246-2005, SEC.61.

IC 6-1.1-20.4-7
Exemption from filing requirement
    Sec. 7. A person is not required to file an application for the creditunder this chapter. The county auditor shall:
        (1) identify qualified homesteads in the political subdivisionthat are eligible for the credit under this chapter; and
        (2) apply the credit under this chapter to property tax liabilityon the identified homestead.
As added by P.L.246-2005, SEC.61.

IC 6-1.1-20.4-8
Adjustment of distributions to reflect credit
    Sec. 8. If an ordinance or resolution is adopted under this chapter,the county auditor shall, for the calendar year in which a homesteadcredit is authorized under this chapter, account for the revenue usedto provide the homestead credit in a manner so that no other politicalsubdivision in the county suffers a revenue loss because of theallowance of the homestead credit.
As added by P.L.246-2005, SEC.61.

IC 6-1.1-20.4-9
Limitations on recovering lost revenue
    Sec. 9. The application of the credit under this chapter results ina reduction of the property tax collections of the political subdivisionwhich provided the credit. A political subdivision may not increaseits property tax levy to make up for that reduction.
As added by P.L.246-2005, SEC.61.