DIGEST OF INTRODUCED BILL
Replacement of property tax with transfer tax. Provides that property may not be assessed for taxation after 2008. 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 17% 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 2008 property tax levies.