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IN HB1240
Bill
Status
1/10/2019
Primary Sponsor
Cherrish Pryor
Click for details
AI Summary
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Counties, cities, and towns may establish a neighborhood enhancement property tax relief program providing assessed value deductions for qualified homesteads in designated areas
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Eligible homesteads must have gross assessed value of $125,000 or less and be owned by longtime owner-occupants who have owned and occupied the property for at least 10 consecutive years
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Designated areas must be long-established residential neighborhoods with deteriorated, vacant, or abandoned properties where values are expected to rise due to renovation or new construction, containing at least 5 homesteads and no more than 5% of the local unit's geographic territory
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Deduction amount limits assessed value increases to 103% of the enhancement base value in year one, plus an additional 3% for each subsequent year, excluding value from new additions to the property
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Wrongly receiving the deduction results in liability for back taxes plus a 10% civil penalty, with 1% of penalties collected transferred to the Department of Local Government Finance
Legislative Description
Property tax relief. Permits counties, cities, and towns (including Marion County) to establish a neighborhood enhancement property tax relief program (program) to provide an assessed value deduction for longtime owner-occupants of homesteads having an assessed value of less than $125,000 in designated areas. Specifies various conditions for the program. Allows a local unit to include additional requirements for the program. Provides a penalty for wrongly receiving the deduction that is the same as the penalty for wrongly receiving the homestead standard deduction.
Last Action
Representatives Porter and Shackleford added as coauthors
1/17/2019