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IN HB1388
Bill
Status
5/4/2015
Primary Sponsor
Daniel Leonard
Click for details
AI Summary
HEA 1388 Summary
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Amended personal property tax return deadlines now distinguish between assessment dates before January 1, 2016 (July 15 deadline) and after December 31, 2015 (April 1 deadline) for taxpayers to use amended values for succeeding year taxes.
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Taxpayers filing amended returns more than 6 months but less than 12 months after the original filing date receive a 10% reduction on any resulting credit or refund.
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Public utility companies must file annual property statements by March April 1st (or July 1st for railroad car companies) with the Department of Local Government Finance.
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Creates tax exemption for agricultural organizations owning up to 140 acres where county fairs have been conducted for at least 50 years, including improvements and personal property on the land.
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Establishes common area property tax exemption in residential developments for areas legally reserved for exclusive owner use, subject to specific ownership requirements and county assessor approval procedures.
Legislative Description
Property tax matters. Specifies that if a taxpayer files an amended personal property tax return for a year: (1) before July 16 of that year, the taxpayer shall pay the taxes payable in the immediately succeeding year based on the assessed value reported on the amended return; or (2) after July 15 of that year, the taxpayer shall pay the taxes payable in the immediately succeeding year based on the assessed value reported on the original personal property tax return. Requires a public utility company to file its property tax return with the department of local government finance (DLGF) on
Last Action
Public Law 148
5/4/2015