Senate Bill No. 28 Summary

• Limits annual increases in gross assessed value of real property to 10% for assessment dates after 2010
• Applies the 10% cap only to increases resulting from general reassessments or annual adjustments under Indiana Code sections 4 and 4.5
• Exempts increases from other assessment factors that would have increased property value regardless of reassessment or annual adjustment
• Effective January 1, 2011
• Requires the Department of Local Government Finance to adopt implementing rules