IN HB1004

Changes property tax assessment adjustments from annual to biennial (every two years) beginning in 2012, with adjustments occurring in 2014 and every second year thereafter.

Modifies agricultural land assessment calculations to use a six-year rolling average that excludes the highest and lowest values from the six-year period.

Establishes a new property tax credit limiting tax liability increases based on the Consumer Price Index (CPI), with the budget agency determining and publishing the CPI factor annually.

Excludes certain property taxes from the CPI credit including those from improvements, voter-approved referendums, property transfers, error corrections, and elimination of tax abatements.

Allows distressed political subdivisions affected by the credit to appeal to the distressed unit appeal board for relief including increased percentage thresholds, reduced credits, or modified credit calculations.