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SPECIAL MEETING DECEMBER 11, 2008 <br /> <br /> <br /> <br /> <br /> WHEREAS, the Common Council of the City of South Bend, Indiana recognizes <br />that property tax relief is in the public interest of the City of South Bend, Indiana; and <br /> <br /> WHEREAS, the Indiana General Assembly recently authorized local <br />governments to impose a property tax relief local option income tax for the purpose of <br />providing local property tax replacement credits at a uniform rate to all taxpayers in the <br />City of South Bend, St. Joseph County, Indiana (I.C. § 6-3.5-6-32(f)(1)); and <br /> <br /> WHEREAS, it is in the best interest of the City of South Bend to adopt a property <br />tax relief local option income tax for the purpose of providing local property tax relief <br />credits at a uniform rate to all taxpayers in the City of South Bend, St. Joseph County, <br />Indiana. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA, as follows: <br /> <br /> SECTION I. The Common Council of the City of South Bend, Indiana, proposes <br />and casts its 40.59 votes in favor of the following Ordinance of the St. Joseph County <br />Income Tax Council: <br /> <br /> <br /> <br />AN ORDINANCE OF THE INCOME TAX COUNCIL <br />OF ST. JOSEPH COUNTY, INDIANA IMPOSING A <br />PROPERTY TAX RELIEF LOCAL OPTION <br />INCOME TAX IN ST. JOSEPH COUNTY, INDIANA <br /> <br /> <br />STATEMENT OF PURPOSE AND INTENT <br /> <br /> <br /> The St. Joseph County Income Tax Council <br />(Council) acknowledges that property tax relief is in the <br />public interest of St. Joseph County, Indiana citizens. The <br />Indiana legislature in 2007 provided a mechanism under <br />Ind. Code § 6-3.5-6-32 (amended in 2008) to grant property <br />tax relief by imposing an income tax, the revenue from <br />which is available for local property tax replacement credits <br />at a uniform rate to all taxpayers in the County. The <br />Council also acknowledges that some taxpayers in St. <br />Joseph County, Indiana who do not pay the tax rate <br />imposed by this ordinance will receive a property tax <br />replacement credit that is funded with tax revenue from the <br />tax rate under this Section. Nonetheless, the effect of this <br />ordinance is beneficial to all St. Joseph County citizens <br />who will have overall reduced property taxes. <br /> <br /> The St. Joseph County Tax Council determines the <br />best estimate of the property tax credits to be provided to <br />all property taxpayers as a result of this ordinance is as <br />follows: <br /> Homesteads: $11,517,000.00 <br /> Other residential property: $ 3,465,000.00 <br /> Industrial property: $ 1,803,000.00 <br /> Agricultural property: $ 320,000.00 <br /> Commercial property: $ 6,102,000.00 <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY THE <br />ST. JOSEPH COUNTY, INDIANA INCOME TAX <br />COUNCIL, as follows: <br /> 2 <br /> <br />