Introduced Version
SENATE BILL No. 387
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-1.1-37-14.
Synopsis: Property tax reduction for timely payments. Provides a
property tax credit to a real property owner that consistently pays real
property taxes in a timely manner for the same property. Provides a
credit for one year of 10% after five years of ownership and timely
payments, 15% after ten years, and 20% after 20 years. Specifies that
2013 is the first year that may be used toward the consecutive year
requirement.
Effective: January 1, 2013.
January 9, 2012, read first time and referred to Committee on Appropriations.
Introduced
Second Regular Session 117th General Assembly (2012)
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SENATE BILL No. 387
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-1.1-37-14; (12)IN0387.1.1. -->
SECTION 1. IC 6-1.1-37-14 IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2013]:
Sec. 14. (a) This section applies to property tax
payments after December 31, 2012.
(b) A taxpayer that:
(1) is the owner of real property; and
(2) timely pays the full amount of the taxpayer's real property
tax liability on that real property;
for the number of consecutive years specified in subsection (c), is
entitled to a real property tax credit for one (1) year in the
percentage amount specified in subsection (c). The first year that
may be counted toward the consecutive year requirement is 2013.
(c) The number of consecutive years of ownership and timely
real property tax payments required for a taxpayer described in
subsection (b) to receive the corresponding credit is as follows:
Consecutive Years Credit Percentage
Five (5) years 10% in the sixth year
Ten (10) years 15% in the eleventh year
Twenty (20) years 20% in the twenty-first year
(d) If a taxpayer:
(1) makes twenty (20) years of consecutive timely payments;
or
(2) fails to make a timely payment;
the time period for that taxpayer begins again at zero (0) years. A
payment may be used only once toward the consecutive timely
payment requirement with respect to each five (5) or ten (10) year
time period.
(e) A taxpayer is not required to claim the credit provided by
this section. The county auditor and treasurer shall apply the
credit automatically in the year immediately following the last year
of the corresponding consecutive year period as a percentage of the
amount of real property taxes owed by the taxpayer in that year.