DIGEST OF INTRODUCED BILL
Property tax assessment. Effective January 1, 2011: (1) eliminates county assessors, township assessors, and county property tax assessment boards of appeal; (2) establishes a state assessment division in the department of local government finance (DLGF) that includes ten regions in Indiana, each with a regional assessor; (3) requires the DLGF to perform property assessment functions throughout Indiana, including the general reassessment of real property effective in 2011 and functions previously performed by the county assessor; (4) provides for payment of regional assessors' salaries from the property reassessment funds of the counties in the region; (5) establishes a state assessment board; and (6) establishes a county exemption board in each county. Establishes an appointments committee to recommend candidates to the governor for appointment to positions in the state assessment division. Increases the penalty for failure to file a correct sales disclosure form from $100 to $500. Effective January 1, 2015: (1) defines fair market value to be based primarily on the most recent sale price; (2) requires the DLGF to assess all real property in Indiana on the basis of fair market value; and (3) permits the DLGF to create a new assessment after 2015 if physical alteration of the property has occurred, but requires a new assessment only upon petition by the property owner.