Introduced House Bill (H)

Authored by

DIGEST

Property tax relief. Permits a board of county commissioners (outside Marion County), a county council, a city-county council, a city common council, or a town council to establish a neighborhood enhancement property tax relief program. Provides an assessed value deduction for longtime owner-occupants of homesteads having an assessed value of less than $100,000. Provides that the homesteads must be located in designated distressed areas where real property values have risen markedly as a consequence of the renovation of other residences or the construction of new residences in the area. Specifies that the deduction applies only to the extent the assessed Property tax relief. Permits a board of county commissioners (outside Marion County), a county council, a city-county council, a city common council, or a town council to establish a neighborhood enhancement property tax relief program. Provides an assessed value deduction for longtime owner-occupants of homesteads having an assessed value of less than $100,000. Provides that the homesteads must be located in designated distressed areas where real property values have risen markedly as a consequence of the renovation of other residences or the construction of new residences in the area. Specifies that the deduction applies only to the extent the assessed value of a homestead has increased by more than 3% from the previous year. Provides that only homesteads and owners that qualify for the program on the first assessment date under the program are granted a deduction unless the local unit allows others to qualify. Specifies that there must be at least five homesteads in a designated area. Specifies that not more than 5% of the territory of the unit may be included in designated areas. Allows a local unit to include additional requirements in the ordinance establishing the program. Prohibits income of the owner of a homestead from being a consideration. Adds the same penalty provision for wrongly receiving the deduction that applies to the homestead standard deduction. ... View more