(A) The county hereby imposes the Homestead Credit EDIT in accordance with state law at a rate not to exceed 0.25% to provide for additional homestead credits in the county to mitigate the effect of the county deduction and the effect of the state deduction on homesteads.
(B) This section shall apply to assessment years 2005 and thereafter.
(C) (1) The certified distribution received by the county as a result of the Homestead Credit EDIT (“homestead credit certified distribution”) shall be used after the 2004 assessment year and through the 2005 assessment year to increase the percentage of the homestead credit allowed in the county under I.C. 6-1.1 for a year to offset the effect on homesteads in the county resulting from the county deduction.
(2) The homestead credit certified distribution received by the county shall be used after the 2005 assessment year to increase the percentage of the homestead credit allowed in the county under I.C. 6-1.1 for a year to offset the effect on homesteads in the county resulting from the state deduction.
(D) The homestead credit certified distribution shall be retained by the County Auditor and used to increase the percentage of the homestead credit allowed in the county under I.C. 6-1.1 for a year to offset the effect on homesteads in the county resulting from the county deduction through the 2005 assessment year and to offset the effect on homesteads in the county resulting from the state deduction after the 2005 assessment year.
(E) The County Auditor shall, for each calendar year in which an increased homestead credit percentage is authorized, determine:
(1) The amount of the homestead credit certified distribution that is available to provide an increased homestead credit percentage for the year; and
(2) An increased percentage of homestead credit for each taxing district in the county that allocates to the taxing district an amount of increased homestead credits that bears the same proportion to the amount determined under division (E)(1) above that the amount of the state deduction in the taxing district for the immediately preceding year’s assessment date bears to the total state deduction in the county for the immediately preceding year’s assessment date.
(F) The County Auditor shall record all votes taken on this section and shall, not more than ten days after the vote, send a certified copy of the results to the commissioner of the Department of State Revenue by certified mail.
(Council Ord. 2004-3, passed 1-12-2005)