Section 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(a) Each year in which the department of local government finance computes a new assessment ratio for a school corporation, the department shall also compute a new adjustment factor for the school corporation. If the school corporation's assessment ratio for a year is more than ninety-nine percent (99%) but less than one hundred one percent (101%) of the state average assessment ratio for that year, the school corporation's adjustment factor is the number one (1). In all other cases, the school corporation's adjustment factor equals: (1) the state average assessment ratio for a year; divided by(2) the school corporation's assessment ratio for that year. 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.
Amended by P.L. 86-2018,SEC. 64, eff. 3/15/2018.Amended by P.L. 112-2012, SEC. 47, eff. 1/1/2013.(Formerly: Acts1975 , 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.