HB 1194 Summary

• Establishes a standardized schedule of unit values for assessing outdoor advertising signs located on real property not owned by the sign owner, effective March 1, 2010 (retroactive).

• Sets fixed tax values ranging from $750 to $3,750 per structure based on sign type (single pole or billboard), height (under 26 feet, 26-48 feet, or 48+ feet), and illumination status, with no depreciation allowed except for abnormal obsolescence.

• Requires the Department of Local Government Finance to revise the valuation schedule every five years, with the first revision applying to the March 1, 2015 assessment date.

• Allows sign owners who filed personal property tax returns for March 1, 2010 and March 1, 2011 assessment dates to file amended returns by October 15, 2012 to conform with the new valuations and claim refunds for overpaid taxes under IC 6-1.1-26.

• Voids any conflicting department rules and declares an emergency for the act's enactment.