Bill Text: IN HB1326 | 2011 | Regular Session | Introduced

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Bill Title: Assessment of undeveloped land.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-01-13 - First reading: referred to Committee on Ways and Means [HB1326 Detail]

Download: Indiana-2011-HB1326-Introduced.html

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Introduced Version

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HOUSE BILL No. 1326

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DIGEST OF INTRODUCED BILL

Citations Affected: IC 6-1.1-4-12.

Synopsis: Assessment of undeveloped land. Eliminates a requirement that land in inventory be reassessed when title is transferred to a person who intends to construct a building on the land.

Effective: March 1, 2011 (retroactive).

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Steuerwald

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    January 13, 2011, read first time and referred to Committee on Ways and Means.

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Introduced

First Regular Session 117th General Assembly (2011)

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.
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 this style type reconciles conflicts between statutes enacted by the 2010 Regular Session of the General Assembly.

HOUSE BILL No. 1326

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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 6-1.1-4-12; (11)IN1326.1.1. -->     SECTION 1. IC 6-1.1-4-12, AS AMENDED BY P.L.154-2006, SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE MARCH 1, 2011 (RETROACTIVE)]: Sec. 12. (a) As used in this section, "land developer" means a person that holds land for sale in the ordinary course of the person's trade or business.
    (b) As used in this section, "land in inventory" means:
        (1) a lot; or
        (2) a tract that has not been subdivided into lots;
to which a land developer holds title in the ordinary course of the land developer's trade or business or for which title is transferred from a land developer to a person other than a land developer for the purpose of erecting a building or structure that will be owned and occupied or otherwise used by the person.
    (c) As used in this section, "title" refers to legal or equitable title, including the interest of a contract purchaser.
    (d) Except as provided in subsections (h) and (i), if:
        (1) land assessed on an acreage basis is subdivided into lots; or

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        (2) land is rezoned for, or put to, a different use;
the land shall be reassessed on the basis of its new classification.
    (e) If improvements are added to real property, the improvements shall be assessed.
    (f) An assessment or reassessment made under this section is effective on the next assessment date.
    (g) No petition to the department of local government finance is necessary with respect to an assessment or reassessment made under this section.
    (h) Subject to subsection subsections (i) and (j), land in inventory may not be reassessed until the next assessment date following the earliest earlier of:
        (1) the date on which title to the land is transferred by:
            (A) the land developer; or
            (B) a successor land developer that acquires title to the land;
        to a person that is not a land developer;
        (2) (1) the date on which construction of a structure begins on the land; or
        (3) (2) the date on which a building permit is issued for construction of a building or structure on the land.
    (i) Subsection (h) applies regardless of whether the land in inventory is rezoned while a land developer holds title to the land.
     (j) If:
        (1) land in inventory was reassessed under this section (as effective January 1, 2011) for the March 1, 2011, assessment date on the basis that title to the land was transferred by:
            (A) the land developer; or
            (B) a successor land developer that acquires title to the land;
        to a person that is not a land developer; and
        (2) neither:
            (A) construction of a structure began on the land; nor
            (B) a building permit was issued for construction of a building or structure on the land;
before the assessment date, the effect of the reassessment shall be eliminated, and any additional property taxes paid by a person that are attributable to the reassessment shall be refunded to that person without the requirement of filing a claim.

SOURCE: ; (11)IN1326.1.2. -->     SECTION 2. An emergency is declared for this act.