Bill Text: IN HB1015 | 2010 | Regular Session | Introduced

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Bill Title: Limit on real property assessment increases.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2010-01-05 - First reading: referred to Committee on Ways and Means [HB1015 Detail]

Download: Indiana-2010-HB1015-Introduced.html

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Introduced Version

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HOUSE BILL No. 1015

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DIGEST OF INTRODUCED BILL

Citations Affected: IC 6-1.1-4-4.3.

Synopsis: Limit on real property assessment increases. Limits the annual increase in the gross assessed value of real property to 10% unless the increase results from a factor that would have increased the assessed value even if neither an annual assessment adjustment nor a general assessment applied.

Effective: January 1, 2011.

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Steuerwald, Grubb

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    January 5, 2010, read first time and referred to Committee on Ways and Means.

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Introduced

Second Regular Session 116th General Assembly (2010)

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 this style type.
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HOUSE BILL No. 1015

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    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 6-1.1-4-4.3; (10)IN1015.1.1. -->     SECTION 1. IC 6-1.1-4-4.3 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2011]: Sec. 4.3. (a) Subject to subsection (b), for assessment dates after 2010, the gross assessed value of real property for an assessment date may not exceed the product of:
        (1) the gross assessed value of the real property for the immediately preceding assessment date; multiplied by
        (2) one hundred ten percent (110%).
    (b) Subsection (a):
        (1) applies to the extent that the increase in the gross assessed value of the real property 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) does not apply to the extent that the increase in the gross assessed value of the real property is attributable to the

application in the assessment process of a factor that would have resulted in a higher gross assessed value of the real property 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 real property 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.
    (c) The department of local government finance shall adopt rules under IC 4-22-2 to implement this section.