SB 531 Summary

• Replaces five-year general reassessment cycle with county-based reassessment plans requiring counties to submit plans before January 1, 2012 for first assessment date in 2013.

• Divides all county parcels into four groups by property class, with each group containing approximately 25% of parcels within each class; parcels reassessed once every four years beginning July 1, 2012.

• Requires assessors to mail assessment notices within 90 days after completing property appraisal or receiving professional appraiser report.

• Establishes petition procedures allowing property owners to request reassessment of their group of parcels within 45 days of notice, requiring signatures from lesser of 100 owners or 5% of owners in the group.

• Makes conforming changes throughout Indiana Code to reference new reassessment plan procedures instead of previous general reassessment requirements; effective July 1, 2011 and January 1, 2012.