HB 1530 Summary

• Creates a new property tax exemption for taxpayers' new personal property, effective for assessment dates after February 28, 2014

• Limits exemption to the lesser of $100,000 or the assessed value of new personal property located in each county

• Defines "new personal property" as property acquired after June 30, 2013, either in an arms-length transaction from a non-affiliate (if previously used in Indiana) or in any manner (if never previously used in Indiana)

• Allows county fiscal bodies to opt out of the exemption by adopting an ordinance, with the opt-out taking effect on the March 1 assessment date either one or two years later depending on timing of adoption

• Requires taxpayers to file a statement with the county assessor identifying exempt property, but does not require a formal application to qualify for the exemption