IN SJR0020

Proposes a constitutional amendment to Article 10 of the Indiana Constitution to exempt homesteads from property taxation.

Creates a new subsection establishing that tangible property including curtilage used as a principal place of residence is exempt from property tax, whether owned by the property owner, an individual buying under contract, or an individual with a beneficial interest in the owner.

Removes tangible personal property (other than investment property) from a taxable class and makes it exempt from property tax, with exemptions accomplishable through property tax deductions and credits.

Requires approval by two consecutive general assemblies and ratification by a majority of Indiana voters to become effective, with amendments first applying to the assessment date in the year following voter ratification.

Maintains existing property tax liability caps: 1% for homesteads, 2% for other residential property and agricultural land, and 3% for other real property and personal property.