HB 1263 Summary

• Limits annual land value increases to a maximum of 5% of the most recently determined land value from the preceding assessment date for assessment dates after February 28, 2015.

• Shifts burden of proof to county assessors and township assessors to demonstrate assessment correctness in all reviews or appeals initiated after June 30, 2014, before local review boards, the Indiana Board of Tax Review, or Indiana Tax Court.

• Requires property assessors to determine land values for all commercial, industrial, and residential parcels using guidelines from the Department of Local Government Finance.

• Allows petitions for review of county assessor land value determinations if signed by at least 100 property owners or 5% of property owners in the county, filed within 45 days of determination.

• Takes effect July 1, 2014, with land value cap provisions applying to assessments occurring after February 28, 2015.