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House Bill 1539


 

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House Bill 1539

ARCHIVE (2007)

Latest Information

 
DIGEST OF INTRODUCED BILL

Replacement of property tax with transfer tax. Provides that property may not be assessed for taxation after 2010. Establishes the real estate transfer tax on all transfers of a real property interest for valuable consideration. Imposes the real estate transfer tax at the rate of 10% of the consideration paid for the conveyance. Specifies exemptions from the real estate transfer tax. Establishes the county real estate transfer tax fund. Requires distributions from the fund to the civil taxing units and school corporations located in the county proportional to their 2010 property tax levies.
Current Status:
 In Committee - first House
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