HB 1670-2_ Filed 02/23/2009, 07:17 Walorski

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    PREVAILED      Roll Call No. _______
    FAILED        Ayes _______
    WITHDRAWN        Noes _______





    I move that House Bill 1670 be amended to read as follows:

    Delete the title and insert the following:
    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

SOURCE: Page 1, line 1; (09)MO167001.1. -->     Page 1, between the enacting clause and line 1, begin a new paragraph and insert:
SOURCE: IC 6-1.1-4-4.3; (09)MO167001.1. -->     "SECTION 1. IC 6-1.1-4-4.3 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2010]: Sec. 4.3. (a) As used in this section, "homestead" has the meaning set forth in IC 6-1.1-12-37.
    (b) Except as provided in subsection (c) and subject to subsection (d), for assessment dates after 2009, the assessed value of a homestead for an assessment date may not exceed the product of:
        (1) the assessed value of the homestead for the immediately preceding assessment date; multiplied by
        (2) one hundred five percent (105%).
    (c) Subsection (b) does not apply for an assessment date if:
        (1) the entire ownership interest; or
        (2) any part of the ownership interest;
in the homestead changes on or before that assessment date
after the immediately preceding assessment date.
     (d) Subsection (b):
        (1) applies only to the extent that the increase in the assessed value of the homestead is attributable to:
            (A) an annual adjustment under section 4.5 of this chapter; or
            (B) the application in:
                (i) a general reassessment under section 4 of this chapter; or
                (ii) an assessment determined for the assessment date in a year other than a year in which a general assessment under section 4 of this chapter first applies;
            of factors other than the recognition of one (1) or more physical changes to the property; and
        (2) does not apply to the extent that the increase is attributable to the recognition of one (1) or more physical changes to the property.
    (e) The department of local government finance shall adopt rules under IC 4-22-2 to implement this section.
    Renumber all SECTIONS consecutively.
    (Reference is to HB 1670 as printed February 20, 2009.)


Representative Walorski

MO167001/DI 51     2009