DIGEST OF INTRODUCED BILL
Property tax deduction for new homes. Establishes a 100% property tax deduction for a new home, which includes a newly constructed home or an existing home that has not been previously occupied as a residence. Provides that: (1) the deduction applies only if the contracts for construction or purchase and financing are entered into after June 30, 2011, and before July 1, 2012; (2) the deduction period is five years unless the legislative body of the city, town, or county establishes a period of three or four years; and (3) the owner of the new home must apply to the county auditor for the deduction. Directs the department of local government finance to adopt rules.