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PROPERTY TAX LEVY GROWTH QUOTIENT
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I.C. 6-1.1-18.5-2
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PREPARED: 06/30/2023
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Year in which budgets are adopted2023
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Budgets adopted for2024
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Step 1a: Determine calendar year Indiana nonfarmAnnual
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personal income for each of the six years precedingIndiana
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the year in which a budget is adopted.NonfarmPercentChange
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YearPersonal IncomeFromToCalculation
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Step 1b: Calculate the annual percent change for02016289,030.6320152016
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each of the six years preceding the year in which12017299,453.68201620171.0363.61%
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a budget is adopted22018314,205.95201720181.0494.93%
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32019328,538.05201820191.0464.56%
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42020351,745.98201920201.0717.06%
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52021380,828.80202020211.0838.27%
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62022388,884.35202120221.0212.12%
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Step 2: Sum the results of Step 1b6.306
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Step 3: Divide the results of Step 2 by six1.051
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Step 4: Determine the lesser of Step 3 or 1.061.051
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Step 5: Subtract one from the results of Step 4*0.051
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Step 6: Multiply the results of Step 5 by 0.80.041
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Step 7: Add one to the results of Step 61.041
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Step 8: Determine the lesser of Step 7 or 1.041.040
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Property Tax Levy Growth Quotient for CY 20241.040or4.000%
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https://www.bea.gov/iTable/index_regional.cfm
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*Steps 5-8 are additional steps for calculating the Property Tax Levy
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Growth Quotients for CY 2024 and CY 2025, as added by HEA 1499-2023.
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