IN SB0182

Amends Indiana Code IC 6-1.1-4-4.5 to modify how assessed values of agricultural land are determined for property tax purposes, effective January 1, 2011.

Establishes that the base rate for agricultural property tax assessment is the lesser of either the base rate determined under current methodology (using a six-year rolling average) or the prior year's base rate adjusted by the Consumer Price Index change.

Defines "index" as the United States Department of Labor Consumer Price Index for all Urban Consumers and "index factor" as the percent change in annual average index year-over-year.

Requires the Department of Local Government Finance to review and certify all annual adjustments and establish rules for the assessment system that promote uniform property valuation and require notice to taxpayers of assessment increases.

Applies to property taxes first due and payable in calendar years after 2010, with adjustments based on estimated true tax value as of the assessment date.