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funded with tax revenue from the tax rate under this Section. <br />Nonetheless, the effect of this ordinance is beneficial to all St. <br />Joseph County citizens who will have overall reduced property <br />taxes. <br />The St. Joseph County Tax Council determines the best <br />estimate of the property tax credits to be provided to all property <br />taxpayers as a result of this ordinance is as follows: <br />Homesteads: $11,517.000.00 <br />Other residential property: $3,4b5,000.00 <br />Industrial property: $1,803,000.00 <br />Agricultural property: $320,000.00 <br />Commercial property: $b,102,000.00 <br />NOW, THEREFORE, BE IT ORDAINED BY THE ST. <br />JOSEPH COUNTY, INDIANA INCOME TAX COUNCIL, as <br />follows: <br />SECTION I. The St. Joseph County Indiana Income Tax <br />Council hereby imposes a property tax relief local option income <br />tax (LOIT) at the rate of One Half Percent (.5%) pursuant to Ind. <br />Code § 6-3.5-6-32 for the purpose of providing local property tax <br />replacement credits at a uniform rate to all taxpayers in St. Joseph <br />County, Indiana, as provided by I.C. 6-3.5-b-32(f)(1). <br />SECTION II. The St. Joseph County Indiana Income Tax <br />Council also acknowledges that some taxpayers in St. Joseph <br />County who do not pay the tax rate imposed by this ordinance will <br />receive a property tax replacement credit that is funded with tax <br />revenue from the tax rate under this Section. <br />SECTION III. If any portion of this Ordinance is declared <br />to be unconstitutional or invalid for any reason, such determination <br />shall not affect the remaining portions of this Ordinance. <br />SECTION IV. This Ordinance shall be in full force and <br />effect from and after December 31, 2008 upon its passage by the <br />St. Joseph County, Indiana, Income Tax Council. <br />****** <br />SECTION II. This Resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approval by the Mayor. <br />~._, <br />&"it{fit? ~li ~~w`ft'~ ~~al~~ <br />D ~ C 1 1 2008 <br />J4~-its ~lW~F?i~E <br />c~~r c~;a,:., c. ~z.,d~, ~~. <br />-- Member, South Bend Common Council <br />