07-13-09 Common Council Meeting Agenda & Packet

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Council also acknowledges that some taxpayers in St. Joseph County, Indiana who do not pay the tax rate imposed by this ordinance will receive a property tax replacement credit that is funded with tax revenue from the tax rate under this Section. Nonetheless, the effect of this ordinance is beneficial to all St. Joseph County citizens who will have overall reduced property taxes. The St. Joseph County Tax Council determines the best estimate of the property tax credits to be provided to all property taxpayers as a result of this ordinance is as follows: Homesteads: $11,517,000.00 Other residential property: $3,465,000.00 Industrial property: $1,803,000.00 Agricultural property: $320,000.00 Commercial property: $6,102,000.00 NOW, THEREFORE, BE IT ORDAINED BY THE ST. JOSEPH COUNTY, INDIANA INCOME TAX COUNCIL, as follows: SECTION I. The St. Joseph County Indiana Income Tax Council hereby imposes a property tax relief local option income tax (LOIT) at the rate of One Half Percent (0.5%) pursuant to ~ Ind. Code § 6-3.5-6-32 for the purpose of providing local property tax replacement credits at a uniform rate to all taxpayers in St. Joseph County, Indiana, as provided by I.C. 6-3.5-6-32(f)(1). SECTION II. The St. Joseph County Indiana Income Tax Council also acknowledges that some taxpayers in St. Joseph County who do not pay the tax rate imposed by this ordinance will receive a property tax replacement credit that is funded with tax revenue from the tax rate under this Section. SECTION III. If any portion of this Ordinance is declared to be unconstitutional or invalid for any reason, such determination shall not affect the remaining portions of this Ordinance.