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REGULAR MEETING JULY 13, 2009 <br /> <br /> <br /> <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 /> <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 ST. <br />JOSEPH COUNTY, INDIANA INCOME TAX <br />COUNCIL, as follows: <br /> <br /> SECTION I. The St. Joseph County Indiana <br />Income Tax Council hereby imposes a property tax relief <br />local option income tax (LOIT) at the rate of One Half <br />Percent (0.5%) pursuant to Ind. Code § 6-3.5-6-32 for the <br />purpose of providing local property tax replacement credits <br />at a uniform rate to all taxpayers in St. Joseph County, <br />Indiana, as provided by I.C. 6-3.5-6-32(f)(1). <br /> <br /> SECTION II. The St. Joseph County Indiana <br />Income Tax Council also acknowledges that some <br />taxpayers in St. Joseph County 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. <br /> <br /> SECTION III. If any portion of this Ordinance is <br />declared to be unconstitutional or invalid for any reason, <br />such determination shall not affect the remaining portions <br />of this Ordinance. <br /> <br /> SECTION IV. This Ordinance shall be in full force <br />and effect from and after October 1, 2009 upon its passage <br />by the St. Joseph County, Indiana, Income Tax Council. <br /> <br />****** <br /> <br /> SECTION II. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approval by the Mayor. <br /> <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> <br /> <br /> <br /> <br /> 6 <br /> <br />