Introduced Version
HOUSE BILL No. 1407
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DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-1.1-4-4.1.
Synopsis: Assessed value. Limits the annual increase in assessed
value of real property to 5% unless ownership of the real property
changes during the year or the increase results from physical changes
to the real property.
Effective: January 1, 2025.
Payne
January 11, 2024, read first time and referred to Committee on Ways and Means.
2024 IN 1407—LS 6311/DI 116 Introduced
Second Regular Session of the 123rd General Assembly (2024)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in this style type. Also, the
word NEW will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
between statutes enacted by the 2023 Regular Session of the General Assembly.
HOUSE BILL No. 1407
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
Be it enacted by the General Assembly of the State of Indiana:
1 SECTION 1. IC 6-1.1-4-4.1 IS ADDED TO THE INDIANA CODE
2 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
3 JANUARY 1, 2025]: Sec. 4.1. (a) Except as provided in subsection
4 (b) and subject to subsection (c), for assessment dates after 2024,
5 an increase in the assessed value of real property for an assessment
6 date may not exceed five percent (5%).
7 (b) Subsection (a) does not apply for an assessment date if:
8 (1) the entire ownership interest; or
9 (2) any part of the ownership interest;
10 in the real property changes on or before that assessment date and
11 after the immediately preceding assessment date.
12 (c) Subsection (a):
13 (1) applies only to the extent that the increase in the assessed
14 value of the real property is attributable to:
15 (A) an annual adjustment under section 4.5 of this chapter;
16 or
17 (B) the application in:
2024 IN 1407—LS 6311/DI 116 2
1 (i) a reassessment under section 4.2 of this chapter; or
2 (ii) an assessment determined for the assessment date in
3 a year other than a year in which an assessment under
4 section 4.2 of this chapter first applies;
5 of factors other than the recognition of one (1) or more
6 physical changes to the property; and
7 (2) does not apply to the extent that the increase is
8 attributable to the recognition of one (1) or more physical
9 changes to the property.
10 (d) The department of local government finance shall adopt
11 rules under IC 4-22-2 to implement this section.
2024 IN 1407—LS 6311/DI 116