Bill Text: IN SB0476 | 2011 | Regular Session | Introduced

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Bill Title: Property tax assessment increases.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-01-13 - First reading: referred to Committee on Appropriations [SB0476 Detail]

Download: Indiana-2011-SB0476-Introduced.html

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Introduced Version

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SENATE BILL No. 476

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DIGEST OF INTRODUCED BILL

Citations Affected: IC 6-1.1-4-4.3.

Synopsis: Property tax assessment increases. Limits the annual increase in the gross assessed value of real property to the lesser of 3% or the percentage change in the Consumer Price Index for all Urban Consumers. Provides that the limit does not apply if: (1) the ownership of the property changes; or (2) 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: July 1, 2011.

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Eckerty

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

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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.

SENATE BILL No. 476

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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; (11)IN0476.1.1. -->     SECTION 1. IC 6-1.1-4-4.3 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 4.3. (a) For assessment dates after 2011, the gross assessed value of real property for an assessment date may not exceed the product of the gross assessed value of the real property for the immediately preceding assessment date multiplied by the lesser of:
        (1) one hundred percent (100%) plus the greater of:
            (A) zero (0); or
            (B) the annual percentage change in the Consumer Price Index for all Urban Consumers, as published by the United States Bureau of Labor Statistics at the end of the preceding calendar year; or
        (2) one hundred three percent (103%).
This subsection applies for an assessment date to the extent that the increase in the gross assessed value of the real property is attributable to a general reassessment under section 4 of this

chapter or an annual adjustment under section 4.5 of this chapter.
    (b) Subsection (a) does not apply for an assessment date if:
        (1) the entire ownership interest; or
        (2) any part of the ownership interest;
changes on or before that assessment date and after the immediately preceding assessment date.
    (c) Subsection (a) does not apply for an assessment date to the extent that the increase in the gross assessed value of the real property is attributable to the application of a factor in the assessment process 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:
        (1) a general reassessment under section 4 of this chapter; or
        (2) an annual adjustment under section 4.5 of this chapter;
applied in the determination of the gross assessed value of the real property for the assessment date.
    (d) The department of local government finance shall adopt rules under IC 4-22-2 to implement this section.