IN HJR0002

Proposes a constitutional amendment to Article 10 of the Indiana Constitution establishing property tax liability caps for property taxes first due and payable in 2012 and thereafter.

Caps property tax liability at 1% of gross assessed value for homestead property, 2% for other residential and agricultural property, and 3% for other real property and personal property.

Exempts property taxes approved by voters in a referendum from being counted toward the tax liability limits.

Allows eligible counties (those expected to lose at least 20% in aggregate property tax revenue in 2010) to exclude debt service and lease payment taxes from liability limits, with this exception expiring December 31, 2019.

Requires voter ratification and agreement by a second general assembly to become effective.