Property taxation.

Allows a total tax rate levied upon the formation of a fire protection territory established after December 31, 2022, to be implemented over a number of years, not exceeding five, and subject to review and approval by the department of local government finance. Provides that the maximum permissible ad valorem property tax levy that would otherwise apply to a participating unit does not apply to property taxes imposed by the participating unit to meet obligations to the fire protection territory over the period of years in which a total tax rate is implemented. Provides that a participating unit's proceeds of property taxes imposed to meet the participating unit's obligations to a fire protection territory are exempt from areas needing redevelopment, redevelopment project areas, urban renewal project areas, economic development areas, or economic development districts established after December 31, 2021. Provides that incremental revenues may be used by a redevelopment commission to pay operating costs, in whole or in part, of: (1) a unit's law enforcement agency; (2) a unit's fire department, including a fire protection district established under IC 36-8-11 or a fire protection territory established under IC 36-8-19; and (3) emergency medical services operated or maintained by a unit; that serve the allocation area. Provides that incremental revenues shared by a redevelopment commission with a school corporation for an education or worker program may also be used by the school corporation to pay operating costs of the school corporation.