Indiana 2024 Regular Session

Indiana House Bill HB1364

Introduced
1/10/24  

Caption

Supplemental homestead property tax credit.

Impact

As a significant change to Indiana's property tax regulations, HB 1364 is expected to provide direct financial relief to eligible homeowners, thereby enhancing affordability for housing. The supplemental credit will be funded through the state's general fund and will necessitate an appropriation to ensure its implementation and ongoing availability each fiscal year. Additionally, the county auditors will play an essential role in administering this credit, which emphasizes greater involvement of local government in tax administration.

Summary

House Bill 1364 establishes a supplemental homestead property tax credit of $200 for individuals eligible for a standard property tax deduction under Indiana law. The bill mandates that the local county auditor identifies individuals eligible for this credit, thereby streamlining the process by removing the requirement for individuals to apply for the credit themselves. This credit is intended to help mitigate the financial burdens of property taxes on homeowners in Indiana, beginning with taxes due in 2024 and for each year thereafter.

Contention

One point of contention around HB 1364 could center on the funding provided from the state general fund and how it might impact other budgetary allocations. Some legislators may express concerns about the sustainability of this tax credit as it depends on adequate state funding, which could face pressures from other fiscal demands. Additionally, opposition may arise from those who argue that while the credit is beneficial for homeowners, it might not adequately address the broader issues of housing affordability or the adequacy of funding for local services that could be impacted by this change.

Companion Bills

No companion bills found.

Previously Filed As

IN SB0306

Homestead property tax liability cap.

IN SB0325

Homestead standard deduction.

IN HB1051

Property tax relief.

IN SB0355

Property tax matters.

IN SB0090

Property tax freeze for seniors.

IN SB0046

County option circuit breaker tax credit.

IN HB1141

Cap on assessed valuation increase for homesteads.

IN HB1435

Cap on assessed valuation increases for homesteads.

IN SB0398

School property taxes.

IN HB1499

Various tax matters.

Similar Bills

NJ A3549

Makes FY 2022 supplemental appropriations of $139.8 million for Homestead Benefit Program and Senior and Disabled Citizens' Property Tax Freeze Program.

IN HB1328

Department of local government finance.

TX SJR1

Proposing a constitutional amendment to increase the amount of the exemption from ad valorem taxation by a school district applicable to residence homesteads, to adjust the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in certain exemption amounts, to provide supplemental payments to full-time classroom teachers in school districts, and to except certain appropriations to pay for school district ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.

CA AB1885

Debtor exemptions: homestead exemption.

CA SB832

Debtor exemptions: homestead exemption.

TX HB1129

Relating to the authority of a hospital district to establish an ad valorem tax freeze on the residence homesteads of disabled or elderly persons and their surviving spouses.

IN HB1449

Residential property tax relief.

IN SB0001

Local government finance.