IN SB0004

Limits annual increase in assessed value of homestead properties to 5% for assessment dates after 2010.

Does not apply if ownership of the homestead changes in whole or in part on or before the assessment date.

Does not apply to increases resulting from recognition of physical changes or improvements to the property.

Applies only to increases from annual adjustments and general reassessments that do not involve physical changes to the property.

Effective January 1, 2011, and requires the Department of Local Government Finance to adopt implementing rules.