(A) The Lake County Council hereby imposes a County Adjusted Gross Income Tax (CAGIT) on the taxpayers of Lake County, Indiana. The County Adjusted Gross Income Tax is imposed at the rate of 1% on the taxpayers of Lake County, Indiana, effective upon the date of passage.
(B) The tax revenues from the tax rate under this section shall be used to reduce all property tax levies imposed by the county by granting property tax replacement credits against those property tax levies.
(C) The Lake County Council’s best estimate of the amount of property tax replacement credits to be provided to all property taxpayers as a result of this section is as follows:
(1) Homesteads: $34,726,000;
(2) Other residential property: $12,207,600;
(3) Industrial property: $10,621,300;
(4) Agricultural property: $1,341,800; and
(5) Commercial property: $31,103,300.
(E) Lake County Council acknowledges that some taxpayers in Lake County, Indiana who do not pay the tax rate under this section will receive a property tax replacement credit that is funded with tax revenues from the tax rate imposed herein. Notwithstanding this effect, the section is beneficial to all Lake County citizens who will have overall reduced property taxes.
(F) Revenues raised by the CAGIT pursuant to this section shall be deposited in the Lake County Property Tax Replacement Credit Fund for distribution.
(Ord. 1360A, passed 5-6-2013)