IN HB1057

Eliminates the previous five-year reassessment cycle for all properties; instead requires counties to prepare reassessment plans dividing all parcels into four groups with each group reassessed once every four years starting July 1, 2014.

Each group must contain approximately 25% of parcels within each property class; counties may submit alternative plans with different groupings if at least 25% of all parcels are reassessed annually over the four-year period.

Establishes procedures allowing property owners to petition for reassessment of a group within 45 days of notice, requiring signatures from either 100 owners or 5% of owners in the group (whichever is less).

Requires county assessors to complete appraisals by October 1 (one-third of parcels), January 1 (two-thirds of parcels), and March 1 (all parcels) of the reassessment year.

Makes conforming amendments throughout Indiana Code to reference the new reassessment plan process instead of the previous general reassessment structure; effective July 1, 2011 and January 1, 2012.