House Bill 1402 Summary

• Adds IC 6-1.1-4-45 to disregard outdoor signs when assessing land value for tax purposes, effective January 1, 2015 (retroactively).

• Defines "sign site" as the land beneath an outdoor sign that accommodates the sign display structure, foundation, and service or maintenance areas under a lease or easement.

• Outdoor signs and associated leases, easements, and income are disregarded from land assessment if the sign site does not exceed one-fourth acre, or if larger, only the area reasonably necessary to facilitate the sign display.

• Applies only to outdoor signs whose subject matter relates to products, services, or activities sold, produced, or conducted at a location other than the assessed land.

• Declares an emergency for the act.