SB 366 Summary

• Limits annual gross assessed value increases for real property to 10% for assessment dates after 2009
• Applies to increases resulting from general reassessments or annual adjustments under Indiana Code sections 4 and 4.5
• Does not apply to increases from assessment process factors that would have raised property value regardless of reassessment or annual adjustment
• Effective January 1, 2010 with retroactive application
• Requires the Department of Local Government Finance to adopt rules for implementation