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IN SB0316
Bill
Status
1/7/2019
Primary Sponsor
Rick Niemeyer
Click for details
AI Summary
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Eliminates annual "trending" adjustments to assessed values of real property for assessment dates after December 31, 2019, while retaining mandatory four-year cyclical reassessments
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Preserves annual adjustments for agricultural land, which will continue using a six-year rolling average methodology with capitalization rates between 6-8% depending on year-over-year value changes
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Allows counties to optionally include trending factors within their four-year reassessment plans, subject to Department of Local Government Finance approval
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Requires county fiscal bodies to reduce property reassessment fund levies by the amount previously allocated for annual adjustment processing costs (excluding agricultural land adjustment costs)
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Makes conforming changes to tax increment financing provisions, redevelopment districts, and military base reuse areas to reference the new agricultural land adjustment section (IC 6-1.1-4-13.2)
Legislative Description
Elimination of annual adjustments of assessed values. Eliminates the annual adjustments (or "trending") to assessed values of certain real property for assessment dates beginning after December 31, 2019. Retains the provisions in current law that require four year cyclical reassessments. Allows a reassessment plan for the four year cyclical reassessments to include trending factors in the plan. Does not eliminate the annual adjustment for agricultural land. Makes conforming changes. Makes technical corrections.
Last Action
First reading: referred to Committee on Appropriations
1/7/2019