Senate Enrolled Act 372 Summary

• Amends Indiana homestead property tax deduction law to clarify that only one standard deduction applies per homestead when multiple individuals or entities qualify the same property for the 2016 tax year and beyond.

• Defines "homestead" to include residential real property, mobile homes, and manufactured homes that serve as an individual's principal residence in Indiana, with a maximum of one acre of surrounding real estate.

• Establishes maximum deduction amounts as the lesser of 60% of assessed property value or $45,000, with special provisions for military service members transferred outside Indiana.

• Requires individuals claiming the deduction to file certified statements with county auditors including property information, names, and last five digits of Social Security numbers or comparable identification.

• Effective January 1, 2016, with application only to assessment dates occurring after December 31, 2015.