HB 1026 Summary

• Caps the annual increase in assessed value of real property for three years following an appeal to the lesser of: (1) a formula-based amount (up to 3% for non-rent-based properties, or the rent increase ratio for gross rent multiplier properties), or (2) the increase in true tax value determined by other permitted methods.

• Exempts improvements or enlargements of property from the three-year cap on assessed value increases.

• Applies the cap automatically without requiring taxpayer initiation of an appeal.

• References the appeal process under IC 6-1.1-15-1 as the trigger for the three-year limitation period.

• Declares an emergency, making the bill effective upon passage.