IN HB1288

Abolishes property tax assessment after December 31, 2026, and prohibits new property taxes from being imposed or due after December 31, 2027

Extends state sales and use tax (7%) to most services, with exemptions for health care, mental health services, educational services, and charitable purposes; deposits service-related revenue into a new local revenue sharing fund for distribution to taxing units

Prohibits political subdivisions from issuing new bonds, notes, leases, or obligations paid from property tax revenue after May 9, 2026, and bars establishment of new tax increment financing districts or allocation areas

Abolishes county assessor and township assessor offices upon expiration of current terms, transferring all duties, employees, property, and funds to county auditors

Allows school corporations with previously voter-approved operating or school safety referendum levies to impose annual fees on property owners to replace lost referendum revenue through the original expiration date of those levies