Bill Text: IN SB0396 | 2010 | Regular Session | Enrolled

Bill Title: Assessment of agricultural land.

Spectrum: Moderate Partisan Bill (Republican 10-3)

Status: (Passed) 2010-03-26 - Effective retroactive to 01/01/2010 [SB0396 Detail]

Download: Indiana-2010-SB0396-Enrolled.html

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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     AN ACT to amend the Indiana Code concerning taxation.

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

SOURCE: IC 6-1.1-4-4.5; (10)SE0396.1.1. -->
    SECTION 1. IC 6-1.1-4-4.5, AS AMENDED BY P.L.136-2009, SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2010 (RETROACTIVE)]: Sec. 4.5. (a) The department of local government finance shall adopt rules establishing a system for annually adjusting the assessed value of real property to account for changes in value in those years since a general reassessment of property last took effect.
    (b) Subject to subsection (e), the system must be applied to adjust assessed values beginning with the 2006 assessment date and each year thereafter that is not a year in which a reassessment becomes effective.
    (c) The rules adopted under subsection (a) must include the following characteristics in the system:
        (1) Promote uniform and equal assessment of real property within and across classifications.
        (2) Require that assessing officials:
            (A) reevaluate the factors that affect value;
            (B) express the interactions of those factors mathematically;
            (C) use mass appraisal techniques to estimate updated property values within statistical measures of accuracy; and
            (D) provide notice to taxpayers of an assessment increase that results from the application of annual adjustments.
        (3) Prescribe procedures that permit the application of the adjustment percentages in an efficient manner by assessing officials.
    (d) The department of local government finance must review and certify each annual adjustment determined under this section.
    (e) In making the annual determination of the base rate to satisfy the requirement for an annual adjustment under subsection (a), (c) for current property taxes first due and payable in 2011 and thereafter, the department of local government finance shall determine the base rate using the methodology reflected in Table 2-18 of Book 1, Chapter 2 of the department of local government finance's Real Property Assessment Guidelines (as in effect on January 1, 2005), except that the department shall adjust the methodology to:
         (1) use a six (6) year rolling average adjusted under subdivision (2) instead of a four (4) year rolling average; and
        (2) eliminate in the calculation of the rolling average the year among the six (6) years for which the highest
market value in use of agricultural land is determined.
    (f) For assessment dates after December 31, 2009, an adjustment in the assessed value of real property under this section shall be based on the estimated true tax value of the property on the assessment date that is the basis for taxes payable on that real property.
SOURCE: ; (10)SE0396.1.2. -->     SECTION 2. An emergency is declared for this act.

SEA 396 _ CC 1


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