Senate Bill 476 Summary

• Limits annual increases in gross assessed value of real property to the lesser of 3% or the percentage change in the Consumer Price Index for all Urban Consumers, effective for assessment dates after 2011.

• Exempts properties from the cap if ownership changes on or before the assessment date.

• Exempts increases from the cap if they result from assessment factors that would have increased value regardless of whether a general reassessment or annual adjustment was applied.

• Applies only to increases attributable to general reassessments under IC 6-1.1-4-4 or annual adjustments under IC 6-1.1-4-4.5.

• Requires the Department of Local Government Finance to adopt rules for implementation, effective July 1, 2011.