Bill Text: IN HB1004 | 2010 | Regular Session | Introduced
Bill Title: Property taxes.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2010-02-11 - Senator Mrvan added as cosponsor [HB1004 Detail]
Download: Indiana-2010-HB1004-Introduced.html
Citations Affected: IC 6-1.1-4-4.3.
Synopsis: Assessed value of homesteads and farmland. Limits the
annual increase in the gross assessed value of a homestead to 1% and
of agricultural land to 2% unless the increase results from a factor that
would have increased the assessed value even if neither an annual
assessment adjustment nor a general reassessment applied.
Effective: January 1, 2011.
November 17, 2009, read first time and referred to Committee on Ways and Means.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(b) As used in this section, "gross assessed value" refers to the assessed value of property after the application of all exemptions under IC 6-1.1-10 or any other provision.
(c) As used in this section, "homestead" refers to a homestead that is eligible for a standard deduction under IC 6-1.1-12-37. The term includes a house or apartment that is owned or leased by a cooperative housing corporation (as defined in 26 U.S.C. 216(b)).
(d) Subject to subsection (f), for assessment dates after 2010, the gross assessed value of a homestead for an assessment date may not exceed the product of:
(1) the gross assessed value of the homestead for the
immediately preceding assessment date; multiplied by
(2) one hundred one percent (101%).
(e) Subject to subsection (f), for assessment dates after 2010, the
gross assessed value of agricultural land for an assessment date
may not exceed the product of:
(1) the gross assessed value of the agricultural land for the
immediately preceding assessment date; multiplied by
(2) one hundred two percent (102%).
(f) Subsections (d) and (e):
(1) apply to the extent that the increase in the gross assessed
value of the homestead or agricultural land is attributable to:
(A) a general reassessment under section 4 of this chapter;
or
(B) an annual adjustment under section 4.5 of this chapter;
and
(2) do not apply to the extent that the increase in the gross
assessed value of the homestead or agricultural land is
attributable to the application in the assessment process of a
factor that would have resulted in a higher gross assessed
value of the homestead or agricultural land for the current
assessment date as compared to the immediately preceding
assessment date even if neither of the following applied in the
determination of the gross assessed value of the homestead or
agricultural land for the current assessment date:
(A) A general reassessment under section 4 of this chapter.
(B) An annual adjustment under section 4.5 of this chapter.
(g) The department of local government finance shall adopt
rules under IC 4-22-2 to implement this section.
