HB 1522 Summary

• Establishes "qualified installment contract" definition requiring contracts to transfer legal title and ownership upon full payment, with buyer paying property taxes, and contract recorded in county recorder's office.

• For contracts entered after May 31, 2013, requires specification of total contract price for real property to qualify for homestead property tax benefits.

• Prohibits sellers from claiming homestead deductions for property sold under qualified installment contracts.

• Consolidates and removes duplicate provisions regarding homestead deductions for installment contract sales into a single Indiana Code section (IC 6-1.1-12-39).

• Becomes effective upon passage.