Bill Text: IN SB0233 | 2011 | Regular Session | Introduced
Bill Title: Homestead assessed value growth cap.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-01-06 - First reading: referred to Committee on Appropriations [SB0233 Detail]
Download: Indiana-2011-SB0233-Introduced.html
Introduced Version
SENATE BILL No. 233
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DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-1.1-4-4.3.
Synopsis: Homestead assessed value growth cap. Limits the annual
increase in assessed value of a homestead to 5% unless: (1) ownership
of the homestead changes during the year; or (2) the increase results
from physical changes to the homestead.
Effective: January 1, 2012.
Zakas
January 6, 2011, read first time and referred to Committee on Appropriations.
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
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SENATE BILL No. 233
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; (11)IN0233.1.1. -->
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, 2012]: Sec. 4.3. (a) As used in this section,
"homestead" has the meaning set forth in IC 6-1.1-12-37.
(b) Except as provided in subsection (c) and subject to subsection (d), for assessment dates after 2011, the assessed value of a homestead for an assessment date may not exceed the product of:
(1) the assessed value of the homestead for the immediately preceding assessment date; multiplied by
(2) one hundred five percent (105%).
(c) Subsection (b) does not apply for an assessment date if:
(1) the entire ownership interest; or
(2) any part of the ownership interest;
in the homestead changes on or before that assessment date and after the immediately preceding assessment date.
(d) Subsection (b):
(1) applies only to the extent that the increase in the assessed value of the homestead is attributable to:
(A) an annual adjustment under section 4.5 of this chapter; or
(B) the application in:
(i) a general reassessment under section 4 of this chapter; or
(ii) an assessment determined for the assessment date in a year other than a year in which a general assessment under section 4 of this chapter first applies;
of factors other than the recognition of one (1) or more physical changes to the property; and
(2) does not apply to the extent that the increase is attributable to the recognition of one (1) or more physical changes to the property.
(e) The department of local government finance shall adopt rules under IC 4-22-2 to implement this section.
(b) Except as provided in subsection (c) and subject to subsection (d), for assessment dates after 2011, the assessed value of a homestead for an assessment date may not exceed the product of:
(1) the assessed value of the homestead for the immediately preceding assessment date; multiplied by
(2) one hundred five percent (105%).
(c) Subsection (b) does not apply for an assessment date if:
(1) the entire ownership interest; or
(2) any part of the ownership interest;
in the homestead changes on or before that assessment date and after the immediately preceding assessment date.
(d) Subsection (b):
(1) applies only to the extent that the increase in the assessed value of the homestead is attributable to:
(A) an annual adjustment under section 4.5 of this chapter; or
(B) the application in:
(i) a general reassessment under section 4 of this chapter; or
(ii) an assessment determined for the assessment date in a year other than a year in which a general assessment under section 4 of this chapter first applies;
of factors other than the recognition of one (1) or more physical changes to the property; and
(2) does not apply to the extent that the increase is attributable to the recognition of one (1) or more physical changes to the property.
(e) The department of local government finance shall adopt rules under IC 4-22-2 to implement this section.
