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IN HB1371
Bill
Status
1/17/2017
Primary Sponsor
Milo Smith
Click for details
AI Summary
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Establishes cost approach method for assessing real property improvements using estimated replacement cost (new) minus depreciation, effective January 1, 2018.
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Requires land value assessments to equal vacant land values determined by county assessor, with same vacant land value applied uniformly within each geographic neighborhood or territory defined by the assessor.
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Exempts certain property types from this valuation method including agricultural land, rental properties with more than four units, golf courses, utility property, and other statutorily-defined categories.
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Requires sales disclosure forms to report whether property transfers include intangible assets (including goodwill) or leases, with county assessor obligated to contact parties if sale price exceeds assessed valuation by more than 25 percent.
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Expands Indiana Board of Tax Review authority to assist taxpayers (in addition to county assessors) in voluntarily resolving assessment disputes, effective July 1, 2017.
Legislative Description
Property tax assessment. Provides that: (1) the true tax value of real property improvements shall be determined by using the cost approach, in which the value of real property improvements is equal to the estimated replacement cost (new) of the real property improvements, less any depreciation; and (2) the true tax value of the land on which the real property improvements are located is equal to the value of vacant land as specified in the land values determined by the county assessor. Requires that the same value of vacant land as specified in the land values must be used for
Last Action
First reading: referred to Committee on Ways and Means
1/17/2017