Sec. 4. The adjusted value of the taxable property in a political subdivision is equal to the result determined under STEP TWO of the following formula: STEP ONE: Determine the value of the taxable property within the political subdivision for the last assessment for state and county taxes using one hundred percent (100%) of true tax value. STEP TWO: Divide the STEP ONE amount by three (3). As added by P.L.6-1997, SEC.203.
Adjusted value
Ind. Code § 36-1-15-4, under Debt Limitation.
Ind. Code § 36-1-15-4