Equivalence to average property tax rate; effect on

constitutional debt limit; determination of assessed valuation
Sec. 22. The excise tax imposed by this chapter is hereby determined to be equivalent to an average property tax rate of three dollars ($3) on each one hundred dollars ($100) taxable value. For the purpose of limitations on indebtedness of political or municipal corporations imposed by Article 13, Section 1 of the Indiana Constitution, aircraft subject to tax under this chapter shall be deemed to be taxable property within each such political or municipal corporation where the aircraft is based as shown on the records of the department. The assessed valuation of such aircraft shall be determined by multiplying the amount of the tax by one hundred (100) and dividing such result by nine dollars ($9).
Formerly: Acts 1975, P.L.68, SEC.1. As amended by P.L.93-1983, SEC.12; P.L.6-1997,
SEC.129.