DIGEST OF INTRODUCED BILL
Property tax deduction for qualified improvements. Establishes a property tax deduction for a qualified improvement, which is real property that has been renovated or rehabilitated at a specified cost of which at least 50% is dedicated to renovation or rehabilitation of exterior components. Provides that: (1) the deduction applies in the amount of 100% of the resultant increase in assessed value for a period of five years (or ten years if the qualified improvement qualifies as a historic qualified improvement); (2) the deduction applies in reduced amounts for the next five years; and (3) the owner of the qualified improvement must apply to the county auditor for the deduction. Directs the department of local government finance to adopt rules. Provides that the property owner may apply for the deduction for the qualified improvement or one of the deductions under current law that apply for rehabilitation.