HB 1580 Summary

• Allows certain assessed value deductions to remain in effect after a property owner's death if the property is controlled by a personal representative or trustee administering the estate or trust.

• Applies to deductions under 11 specified sections of Indiana Code relating to property tax assessed value reductions (sections 1, 9, 11, 13, 14, 16, 17.4, 18, 22, 37, and 37.5 of IC 6-1.1-12).

• Deductions terminate on the earlier of: (1) the first assessment date after the property transfers to someone who does not apply for the deduction, or (2) December 31 of the second calendar year following the year of the owner's death.

• Extends the credit for excessive residential property taxes to the deceased owner's property under the same termination conditions as the assessed value deduction.

• Takes effect January 1, 2013, retroactively, and applies to assessment dates in 2013 or later.