Ind. Code § 20-46-8-4

Note: This version of section effective until 1-1-2019. See also following version of this section, effective 1-1-2019.

Sec. 4. (a) For property taxes first due and payable in 2019, a school corporation's school bus replacement levy may not exceed an amount equal to:

(1) the school corporation's maximum permissible levy determined under IC 20-46-5 (repealed January 1, 2019) for the school corporation's school bus replacement fund for 2018, after eliminating the effects of temporary excessive levy appeals and any other temporary adjustments made to the levy for 2018 (regardless of whether the school corporation imposed the entire amount of the maximum permissible levy in 2018); multiplied by

(2) the assessed value growth quotient determined under IC 6-1.1-18.5-2.

(b) For property taxes first due and payable after 2019, a school corporation's school bus replacement levy may not exceed an amount equal to:

(1) the school corporation's maximum permissible levy determined under this section for the preceding year, after eliminating the effects of temporary excessive levy appeals and any other temporary adjustments made to the levy for the year (regardless of whether the school corporation imposed the entire amount of the maximum permissible levy in the immediately preceding year); multiplied by

(2) the assessed value growth quotient determined under IC 6-1.1-18.5-2.

(c) The department of local government finance may, upon petition by a school corporation, adjust the school corporation's levy for the fund to reflect the school corporation's plan adopted or amended under IC 20-46-5 (before its repeal January 1, 2019) or IC 20-40-18-9 (after December 31, 2018).