Bill Text: IN SB0366 | 2010 | Regular Session | Introduced
Bill Title: Limit on assessment increases.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2010-01-12 - First reading: referred to Committee on Tax and Fiscal Policy [SB0366 Detail]
Download: Indiana-2010-SB0366-Introduced.html
Citations Affected: IC 6-1.1-4-4.3.
Synopsis: Limit on 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, 2010 (retroactive).
January 12, 2010, read first time and referred to Committee on Tax and Fiscal Policy.
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A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(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.
