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IN HB1373
Bill
Status
1/14/2019
Primary Sponsor
David Abbott
Click for details
AI Summary
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Real property that receives a successful assessment appeal reducing gross assessed value by more than 5% is capped at a maximum 5% annual increase for the following three years
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The assessment cap terminates upon change of ownership, at which point standard appraisal methods (income capitalization, sales comparison, or cost approach) apply
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The cap does not apply to assessments determined using income capitalization, corrections of errors, or changes in structural improvements, zoning, or use
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Property owners must choose between applying the assessed value limitations or filing a claim for refund under IC 6-1.1-26-1.1, but cannot use both remedies
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Effective July 1, 2019, applying to all appeals pending on that date and all future appeals
Legislative Description
Assessments following successful appeals. Provides for a three year cap on the assessment of real property that was the subject of a successful appeal or review that reduced the gross assessed value by more than 5%. Provides that the assessment cap does not follow the real property and is subject to a change in ownership. Provides that the assessed value is determined by standard appraisal methods when a change in ownership occurs within the three years following the successful appeal. Provides that the assessment cap does not apply to assessments determined using the income capitalization approach, determined through the correction of an error or omission, or based upon a change in structural improvements, zoning, or use. Provides that a person has the option of applying the assessed value limitations or filing a claim for refund, but not both.
Last Action
First reading: referred to Committee on Ways and Means
1/14/2019