Senate Bill 0525
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DIGEST OF SB525 (Updated February 22, 2001 4:25 PM - DI 84)
Property tax assessment and administration. Provides that the next general reassessment of real property shall be completed on or before March 1, 2002, instead of March 1, 2001, and that general reassessments will occur every four years thereafter. Makes various amendments concerning the conduct of a general reassessment and the appeal process. Raises from 50 to 150 the acreage of certain organizations eligible for exemption from property taxes. Provides that tangible property owned by an Indiana nonprofit corporation and used by that corporation in the operation of a hospital is exempt from property taxation. Directs the county fiscal body to establish a sales disclosure fund and establishes procedures for administration of the fund. Makes various amendments concerning assessor training and certification. Creates a state agency, the Indiana board of tax review (Indiana board), to hear appeals from determinations of county property tax assessment boards of appeal and the state board of tax commissioners (state board). Provides that determinations of the Indiana board are appealable to the Indiana tax court. Requires the Indiana board to perform certain data analysis functions, and makes conforming amendments. Requires the Indiana board to make software available to each county and township to permit transfer of certain data to the board. Amends the procedure for claiming a property tax refund and the interest rate applicable to refunds. Requires the state board to conduct annual personal property assessment audits. Makes certain items ineligible for the personal property tax reduction credit, and specifies eligibility for the credit in each county. Repeals certain provisions concerning tax abatement and state board employees. Authorizes the state board to approve a levy through calendar year 2003 for a reassessment fund for the next general reassessment.
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