As used in this chapter, "qualified taxing unit" means a city, township, or school corporation located in Lake County that experienced a property tax revenue shortfall in one (1) or more tax years:

1. (1) that resulted from erroneous assessed valuation figures being provided to the city, township, or school corporation; and

2. (2) for which the aggregate property tax revenue shortfall the city, township, or school corporation experienced, or will experience, is at least:

   1. (A) five million dollars ($5,000,000); or

   2. (B) twenty percent (20%) of its net tax levy;

      in any single tax year as a result of the erroneous assessed valuation figures referred to in subdivision (1).

As added by P.L.236-2023, SEC.43.