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IN HB1440
Bill
Status
1/14/2015
Primary Sponsor
Dale DeVon
Click for details
AI Summary
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Common areas in residential developments cannot be assessed property tax liability exceeding $1 per assessment date.
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Common areas must be legally reserved for exclusive use of all lot owners, owned by the developer/lot owners/fiduciary entity, and cannot be transferred without lot owner approval.
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County or township assessors must designate areas as common areas within 30 days of receiving notice and provide written explanation if denying common area status.
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Common areas cannot be created primarily to generate income from non-lot owners, and any income must benefit all lot owners through reduced fees.
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Property owners may appeal assessor determinations to the county board of tax appeals and prevailing parties can recover reasonable attorney's fees.
Legislative Description
Assessment of common areas for tax purposes. Provides that a common area may not be subjected to a property tax liability in excess of one dollar for any assessment date. Defines "common area" as a parcel of land in a residential development that: (1) is legally reserved for the exclusive use and enjoyment of all lot owners; (2) is owned by the developer, or each lot owner, or a person or entity that holds title to the land for the benefit of the lot owners; and (3) cannot be transferred for value to another party without the approval of the
Last Action
First Reading: referred to Committee on Ways and Means
1/14/2015