Senate Bill 387 Summary

• Provides a real property tax credit to owners who consistently pay property taxes timely on the same property, effective January 1, 2013.

• Credit amounts are 10% after 5 consecutive years of timely payments, 15% after 10 consecutive years, and 20% after 20 consecutive years.

• Credits are applied automatically by county auditors and treasurers in the year following completion of the required consecutive payment period.

• Consecutive year counting begins in 2013 and resets to zero if a taxpayer fails to make a timely payment or completes 20 years of payments.

• Each payment can only be counted once toward the 5-year or 10-year time period requirements.