IN SJR0008

Proposes a constitutional amendment to fully exempt homesteads (principal residences) from property taxation in Indiana, removing the current 1% property tax cap on homesteads

Applies to tangible property including curtilage used as a principal residence by an owner, contract buyer, or individual with beneficial interest in the property owner

Maintains existing property tax caps for non-homestead properties: 2% for other residential property and agricultural land, 3% for commercial/industrial real property and personal property

Requires approval by two consecutive General Assemblies and ratification by a majority of Indiana voters to take effect

Would first apply to the assessment date occurring after February in the year immediately following voter ratification