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IN HB1250
Bill
Status
1/13/2015
Primary Sponsor
Justin Moed
Click for details
AI Summary
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County or city fiscal bodies may adopt ordinances granting property tax deductions for abandoned homesteads that become owner-occupied by military veterans, active military members, public safety officers, or licensed teachers.
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Deductions may be claimed for up to 10 years at percentages specified in the local ordinance, with annual deduction percentages not exceeding 80% of the homestead's assessed value.
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Property owners must file applications before September 1 with the county/city hearing authority or executive, and reapply annually by January 5 with the county auditor to maintain eligibility.
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Homesteads must be owner-occupied for at least 10 months per year, and property owners must annually verify compliance with owner-occupancy requirements by May 15.
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The deduction amount adjusts based on reassessments or assessment appeals, and transfers to new owners if the new owner is also a qualified owner and files updated information.
Legislative Description
Abandoned homestead property taxation. Allows a county or city fiscal body to adopt an ordinance to grant an assessed value property tax deduction for abandoned homesteads that become owner occupied by a military veteran, member of the military, public safety officer, or licensed teacher. Provides that the deduction may be for up to 10 years and at percentages specified in the fiscal body's ordinance. Permits the fiscal body to establish additional criteria for a homestead to be eligible for the deduction. Requires an application process and an annual filing by the property owner. Allows the department of local government finance
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015