From HEA 1001-2007, which is public law 234-07:
HB 1001 – Property Tax Rebate Language
SOURCE: ; (07)AM147823.141. --> SECTION 300. [EFFECTIVE UPON
PASSAGE] (a) The definitions in IC 6-1.1-1, IC 6-1.1-20.9, and IC 6-1.1-21 apply
throughout this SECTION.
(b) Subject to appropriation of money from the property tax reduction trust fund
for an additional 2007 homestead credit, the department of local government
finance shall calculate and certify to the department of state revenue and the county
auditor of each county an additional homestead credit amount for property taxes
first due and payable in 2007. The additional homestead credit shall be paid as a
refund as provided in this SECTION for part of the tax liability (as defined in IC 6-
1.1-21-5) imposed on the taxpayer's homestead for the March 1, 2006, or January
15, 2007, assessment date. The department of local government finance shall make
the certification based on the best information available at the time the certification
is made. Not later than November 1, 2007, the department of state revenue shall
distribute to the county treasurer of each county the amount certified for the county
under this subsection. The county treasurer shall deposit the amount distributed in
a separate account and use the money only for the purposes of providing property
tax refunds under this SECTION.
(c) At the same time as the department of local government finance makes the
certification under subsection (b), the department of local government finance shall
certify to the county auditor of each county the percentage that would apply in each
taxing district to provide an additional 2007 homestead credit to taxpayers in the
taxing district. The county auditor shall use the certified percentage to determine
the amount of the refund due to each taxpayer. The county auditor shall certify the
amount of the refund for each taxpayer to the county treasurer not later than the
December 20, 2007, settlement date. IC 6-1.1-26 does not apply to a refund granted
under this SECTION. The amount of the refund is equal to the lesser of the
following:
(1) The amount of the taxpayer's tax liability (as defined in IC 6-1.1-21-5) on a
homestead for the March 1, 2006, or January 15, 2007, assessment date, after the
application of all other credits.
(2) The additional 2007 homestead credit determined for the taxpayer.
The department of local government finance, the department of state revenue, and
the property tax replacement fund board shall take the actions necessary to carry
out this SECTION.
(d) The amount of the refund shall be applied first against any delinquent
property taxes owed in the county by the taxpayer. The county auditor shall issue a
warrant for or authorize disbursement by electronic transfer of the remainder of
the refund. The refund shall be:
(1) mailed to the last known address of each person liable for any property
taxes or special assessment, as shown on the tax duplicate or special assessment
records, or to the last known address of the most recent owner shown in the transfer
book; or
(2) transmitted by written, electronic, or other means to a mortgagee
maintaining an escrow account for a person who is liable for any property taxes or
special assessments, as shown on the tax duplicate or special assessment records.
(e) In addition, the county auditor shall mail to the last known address of each
person liable for any property taxes or special assessment on each homestead in the
county, as shown on the tax duplicate or special assessment records, or to the last
known address of the most recent owner shown in the transfer book a written
explanation of the refund. The explanation must include the amount of the refund
specified in the following statement in at least 12 point type:
"A portion of your local property taxes due in 2007 are being refunded due to
tax relief provided by the Indiana General Assembly. Your refund is in the amount
of $________ (insert amount of refund). If you did not receive a check because you
pay your property taxes through an escrow account along with your mortgage, your
lender will receive the refund and should adjust your payments accordingly.".
(f) Any part of the amount distributed to a county under this SECTION that is
not applied or refunded as provided in this SECTION shall be transferred to the
auditor of state for deposit in the property tax reduction trust fund.
(g) This SECTION expires January 1, 2009.