Senate Bill 0561
DIGEST OF SB561 (Updated February 12, 2009 2:59 pm - DI 84)
Property tax matters. Deletes the statute requiring a general reassessment to begin in 2009. Requires the county assessor of each county to prepare and submit to the department of local government finance (DLGF) a reassessment plan for the county. Specifies that the reassessment plan is subject to approval by the DLGF. Provides that the reassessment plan must divide all parcels of real property in the county into different groups of parcels. Requires that each group of parcels must contain at least 20% of the parcels within each class of real property in the county. Provides that the DLGF shall determine the classes of real property to be used for purposes of this section. Specifies that the DLGF shall determine the classes of real property to be used for this purpose. Requires that the number of parcels of real property included in each group within a particular group must be approximately equal. Provides that all real property in each group of parcels shall be reassessed under the county's reassessment plan once during each cycle. Specifies that the reassessment of a group of parcels in a particular class of real property shall begin on July 1 of a year. Provides that the reassessment of the first group of parcels under a county's reassessment plan shall begin on July 1, 2010, and shall be completed on or before March 1, 2011. Makes conforming amendments to recognize the reassessment under the reassessment plan. Provides that if a county is more than 12 months behind in submitting certified net assessed valuations to the DLGF, the county shall have a trending factor based on property class and location developed and applied to the assessed values of properties within the county. Requires the DLGF to develop the trending factors. Specifies that the trending factor shall be applied to expedite the property assessment to the property tax billing cycle so that the county may achieve current and regular assessments and billing before the start of the next reassessment cycle. Provides that a petition for reassessment of a group of parcels must be signed by not less than 100 real property owners or 5% of real property owners and must be filed with the DLGF not later than 45 days after notice of assessment is provided. Provides that the maximum term or repayment period for obligations issued after June 30, 2009, that are wholly or partially payable from lease rental payments is 20 years after the date of the first lease rental payment. Provides that the county assessor determines the values of all classes of land in the county. Provides that a petition for the review of the land values determined by the county assessor may be filed with the DLGF. Requires the petition to be signed by at least the lesser of: (1) 100 property owners in the county; or (2) 5% of the property owners in the county. Requires the DLGF to be a party to any addendum to a contract: (1) between a county assessor and a professional appraiser; and (2) between a county and providers of assessment software. Allows a taxpayer to claim the deduction for senior homeowners while also claiming several other deductions. Provides that if an assessing official assesses or reassesses any real property, a tax statement or, if applicable, a reconciling property tax statement is notice to the taxpayer of the amount of the assessment or reassessment. For real property with new additions or improvements since the previous assessment date, requires a separate notice to be provided within 90 days after the assessor completes the appraisal of a parcel or receives a report for a parcel from a professional appraiser. Provides that a public utility company's tangible personal property that is locally assessed as fixed property is instead assessed as distributable property. Exempts public utility and governmental easement documents from the property sale disclosure filing requirement. Authorizes the DLGF to use money in the assessment training and administration fund for data base management expenses. Eliminates the authority of a county assessor to appeal an assessment of industrial property by the DLGF. Provides that in the case of a taxing unit that is governed by a nonelected board and is required to submit its proposed budget and property tax levy to a municipal fiscal body for approval, the proposed budget and property tax levy must be submitted at least 30 days (rather than 14 days, under current law) before the municipal fiscal body is required to hold budget approval hearings. Changes the date for political subdivisions to complete budgets from August 10 to September 10. Eliminates a taxpayer notice of assessed value and estimated taxes that would have been required in September each year beginning in 2010. Requires a civil taxing unit to provide the county fiscal body with its proposed budget, tax rate, and levy at least 45 days, instead of 15 days, before it fixes its rate (30 days instead of 14 days for nonelected units). Provides that a civil taxing unit's preceding year levy is used if the deadline is not met. Gives the county fiscal body (or oversight unit for nonelected units) 30 days to complete its review. Provides that a county's preceding year levy is used if the deadline is not met. Moves the deadline for local budget meetings from September 30 to November 1. Requires the county board of tax adjustment to complete its work before November 2, instead of October 1, in most counties. Provides that in Marion County and counties with second class cities the board must complete its work by December 1 instead of November 1. Changes the deadline for a civil taxing unit to appeal its levy limit from September 20 to October 20. Eliminates the local government tax control board and the school property tax control board. Eliminates the state board of accounts approval of the property tax statement. Removes the tax rate and percentage change in liability from the property tax statement. Eliminates expiring provisions. Provides that in the case of property taxes billed under a provisional tax statement: (1) the first installment is due on the later of May 10 of the year following the year of the assessment date or 30 days after the mailing of the provisional tax statement; and (2) the second installment is due on the later of November 10 of the year following the year of the assessment date or a date determined by the county treasurer that is not later than December 31 of the year following the year of the assessment date. Requires provisional tax statements and reconciling tax statements to be on forms prescribed by the DLGF. Provides that the tax liability under a provisional tax statement may be up to 100% of the tax liability that was payable in the same year as the assessment date for the property for which the provisional tax statement is issued. Requires a provisional tax statement to include any adjustments to the tax liability as prescribed by the DLGF. Provides that the county assessor is a nonvoting member of the property tax assessment board of appeals. Provides that the county commissioners make three (rather than two) appointments to the property tax assessment board of appeals. Specifies that the provisions requiring the calculation and use of school assessment ratios and adjustment factors apply only to school corporations in counties in which a supplemental county levy is imposed. Repeals a provision requiring the calculation of a state average assessment ratio. Provides that the board of a conservancy district may, subject to any required budget review and approval, increase the conservancy district's budget by not more than 10% for contingencies. (Current law requires the budget to be increased by 10% for contingencies.) Eliminates expired maximum property tax levy appeals. Provides that under the statute authorizing political subdivisions to borrow from a financial institution to finance a public work project, the maximum term of the loan is ten years (rather than six years, under current law). Provides a school in Marion County additional time to file for a property tax exemption for taxes payable in 2007, 2008, and 2009. Provides for a refund of taxes paid for 2007 and 2008.
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