IN HB1583

Allows property tax deductions and credits in the year of transfer if the property is subsequently determined exempt in the following assessment year, effective retroactively to January 1, 2011.

Permits transferees of real property to claim homestead deductions, mortgage deductions, and veteran-related deductions for the transfer year assessment date if exemption is approved for the next assessment year.

Extends eligibility for the credit for excessive residential property taxes to the payment date of the transfer year if the property later qualifies for exemption.

Applies to real property transfers occurring after the assessment date through December 31 of the following year, provided the county property tax assessment board of appeals determines exemption eligibility.