Sec. 10. (a) This section applies to a school corporation in a county having a population of more than one hundred seventy-five thousand (175,000) but less than one hundred eighty-five thousand (185,000).
(b) For property taxes first due and payable in 2020, the maximum permissible operations fund property tax levy of a school corporation subject to this section is equal to the amount determined in the following STEPS, instead of the amount determined under section 1 of this chapter:
STEP ONE: Determine the result under section 1(c) of this chapter, without regard to this section.
STEP TWO: Determine the result of:
(A) the amount of the school corporation's 2018 historical society fund levy under IC 36-10-13-5 (as it existed on December 31, 2018); multiplied by
(B) the 2019 maximum levy growth quotient determined under IC 6-1.1-18.5-2.
STEP THREE: Determine the result of:
(A) the STEP TWO amount; multiplied by
(B) the 2020 maximum levy growth quotient determined under IC 6-1.1-18.5-2.
STEP FOUR: Determine the sum of:
(A) the STEP ONE amount;
(B) the STEP TWO amount; and
(C) the STEP THREE amount.
(c) For purposes of determining the 2021 maximum permissible property tax levy for the school corporation's operations fund, the amount to be used for purposes of STEP ONE (A) of section 1(c) of this chapter is equal to the remainder of:
(1) the amount determined under STEP FOUR of subsection (b); minus
(2) the amount determined under STEP TWO of subsection (b).
(d) This section expires January 1, 2022.
As added by P.L.238-2019, SEC.20. Amended by P.L.159-2020, SEC.68.