IN HB1238

Freezes the assessed value of homestead properties beginning January 1, 2027, preventing adjustments until the property is sold, inherited (devise or descent), or otherwise conveyed

Exempts homesteads from Indiana's annual property value adjustment system and four-year reassessment cycle that applies to other real property

Allows homestead owners to voluntarily request a reassessment before any sale or transfer occurs

Amends IC 6-1.1-4 (property tax assessment statutes) with an effective date of July 1, 2026

Applies only to properties qualifying as homesteads under IC 6-1.1-12-37(a)(2), which defines owner-occupied primary residences