Sec. 36. For the purpose of the limitations on indebtedness of political or municipal corporations imposed by Article 13, Section 1 of the Constitution of the State of Indiana, a boat subject to taxation under this chapter is considered taxable property within the political or municipal corporation in which the boat has its tax situs. For that purpose, the assessed valuation of the boat is the quotient of:
(1) the excise tax collected in the county multiplied by one hundred (100); divided by
(2) the gross property tax rate for the political subdivision or municipal corporation.
As added by P.L.98-1989, SEC.1.
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