IN HB1270

Defines "qualified installment contract" for property purchases, requiring the contract to be recorded with the county recorder, obligate the buyer to pay property taxes, specify the total contract price, and require the seller to transfer title upon full payment

Establishes that cooperative housing corporations qualify for the standard homestead deduction and 1% circuit breaker credit only if the property is owned by a cooperative housing corporation (as defined in 26 U.S.C. 216) and used as the principal residence of a tenant-stockholder who can demonstrate ownership interest equal to or exceeding the property's true tax value

Imposes liability on property owners who misrepresent residential leases as qualified installment contracts, making them responsible for additional taxes that would have been due plus a 10% civil penalty, with 1% of penalties collected going to the department of local government finance

Validates actions taken by assessing officials before March 2, 2011, to deny standard deductions or other homestead tax benefits to cooperative housing corporations that do not meet the new eligibility requirements

Applies retroactively to March 1, 2011, for cooperative housing corporation provisions, with qualified installment contract provisions taking effect July 1, 2011