Sec. 5. An ordinance or resolution adopted under this chapter must provide for a homestead credit that is either a uniform:
(1) percentage of the net property taxes due on the homestead after 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 dollar amount.
As added by P.L.246-2005, SEC.61.