DIGEST OF INTRODUCED BILL
Property tax deferral. Provides a property tax deferral to homestead owners who are at least 65 years of age, blind, or totally and permanently disabled and who have Indiana adjusted gross incomes of less than $40,000. Provides that the deferral for an individual is the excess by which the current year property taxes exceed 3% of the taxpayer's Indiana adjusted gross income not to exceed 50% of the property taxes due. Provides that the property tax deferral becomes a lien against the property in favor of the state. Provides replacement revenue to local units from the property tax replacement fund. Appropriates money from the property tax replacement fund to replace the revenue lost from property tax deferrals. Requires county officials to recapture the deferred amount at the time the homestead is transferred.