HB 1240 Summary

• Expands the definition of "homestead" from one acre to three acres of land immediately surrounding a dwelling for property tax purposes.

• Changes apply to Indiana Code 6-1.1-12-37 and take effect January 1, 2012.

• Increases the amount of land eligible for homestead property tax deductions, affecting both subsection (a)(2)(C) and subsection (k) of the statute.

• Applies to residential real property improvements, mobile homes not assessed as real property, and manufactured homes not assessed as real property that individuals use as their principal residence.