HB 1359 Summary

• Establishes a property tax deduction for qualified improvements (renovated or rehabilitated real property where at least 50% of costs are dedicated to exterior component work).

• Deduction applies at 100% of the assessed value increase for 5 years (or 10 years for historic qualified improvements), then phases down at 80%, 60%, 40%, and 20% over the next 4 years.

• Requires property owners to apply to the county auditor using forms prescribed by the Department of Local Government Finance, with applications filed in the year the assessed value increase occurs (or within 30 days of receiving notice).

• Mandates county fiscal bodies adopt resolutions to authorize the deduction for qualified improvements located in their counties.

• Permits property owners to choose only one deduction among this new deduction, IC 6-1.1-12-18, or IC 6-1.1-12-22 for the same renovation or rehabilitation work.