Indiana 2024 Regular Session

Indiana House Bill HB1407 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	Introduced Version
3	3	HOUSE BILL No. 1407
4	4	_____
5	5	DIGEST OF INTRODUCED BILL
6	6	Citations Affected: IC 6-1.1-4-4.1.
7	7	Synopsis: Assessed value. Limits the annual increase in assessed
8	8	value of real property to 5% unless ownership of the real property
9	9	changes during the year or the increase results from physical changes
10	10	to the real property.
11	11	Effective: January 1, 2025.
12	12	Payne
13	13	January 11, 2024, read first time and referred to Committee on Ways and Means.
14	14	2024 IN 1407—LS 6311/DI 116 Introduced
15	15	Second Regular Session of the 123rd General Assembly (2024)
16	16	PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
17	17	Constitution) is being amended, the text of the existing provision will appear in this style type,
18	18	additions will appear in this style type, and deletions will appear in this style type.
19	19	Additions: Whenever a new statutory provision is being enacted (or a new constitutional
20	20	provision adopted), the text of the new provision will appear in this style type. Also, the
21	21	word NEW will appear in that style type in the introductory clause of each SECTION that adds
22	22	a new provision to the Indiana Code or the Indiana Constitution.
23	23	Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
24	24	between statutes enacted by the 2023 Regular Session of the General Assembly.
25	25	HOUSE BILL No. 1407
26	26	A BILL FOR AN ACT to amend the Indiana Code concerning
27	27	taxation.
28	28	Be it enacted by the General Assembly of the State of Indiana:
29	29	1 SECTION 1. IC 6-1.1-4-4.1 IS ADDED TO THE INDIANA CODE
30	30	2 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
31	31	3 JANUARY 1, 2025]: Sec. 4.1. (a) Except as provided in subsection
32	32	4 (b) and subject to subsection (c), for assessment dates after 2024,
33	33	5 an increase in the assessed value of real property for an assessment
34	34	6 date may not exceed five percent (5%).
35	35	7 (b) Subsection (a) does not apply for an assessment date if:
36	36	8 (1) the entire ownership interest; or
37	37	9 (2) any part of the ownership interest;
38	38	10 in the real property changes on or before that assessment date and
39	39	11 after the immediately preceding assessment date.
40	40	12 (c) Subsection (a):
41	41	13 (1) applies only to the extent that the increase in the assessed
42	42	14 value of the real property is attributable to:
43	43	15 (A) an annual adjustment under section 4.5 of this chapter;
44	44	16 or
45	45	17 (B) the application in:
46	46	2024 IN 1407—LS 6311/DI 116 2
47	47	1 (i) a reassessment under section 4.2 of this chapter; or
48	48	2 (ii) an assessment determined for the assessment date in
49	49	3 a year other than a year in which an assessment under
50	50	4 section 4.2 of this chapter first applies;
51	51	5 of factors other than the recognition of one (1) or more
52	52	6 physical changes to the property; and
53	53	7 (2) does not apply to the extent that the increase is
54	54	8 attributable to the recognition of one (1) or more physical
55	55	9 changes to the property.
56	56	10 (d) The department of local government finance shall adopt
57	57	11 rules under IC 4-22-2 to implement this section.
58	58	2024 IN 1407—LS 6311/DI 116