IN SB0217

Caps annual property tax increases on homesteads at 4% year-over-year through a new circuit breaker credit system

Applies to taxes first due and payable after December 31, 2026, with the law effective retroactively to January 1, 2026

Excludes voter-approved referendum levies and any portion of homestead property used for trade or business purposes from the 4% cap

Physical improvements that increase a home's assessed value are taxed separately and not subject to the 4% limitation

No application required; county auditors must automatically identify eligible homesteads and apply the credit