SB 158 Summary

• Amends Indiana property tax exemption law effective January 1, 2015, modifying exemptions for buildings and land used for educational, religious, charitable, and other qualifying purposes.

• Clarifies that land purchased for future construction of exempt buildings receives exemption for up to 4 years if owner demonstrates substantial progress, including completing building plans, establishing cash reserves, and beginning ground-breaking within the exemption period.

• Establishes new exemptions for nonprofit organizations providing residential property to low-income individuals, limited to 3 acres and requiring transfer within 8 years; property becomes taxable if transferred to non-qualifying recipients.

• Creates exemptions for for-profit early childhood education providers serving children ages 4-6 who maintain Level 3 or Level 4 Paths to QUALITY program ratings; exemption covers proportional property assessment based on enrollment of qualifying-age children.

• Provides property tax liability and installment payment options for owners who fail to transfer exempt property to intended recipients within specified timeframes.