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DIGEST OF INTRODUCED BILL
Homestead benefits for property sold by contract. Provides that property being sold under an installment contract does not qualify for various homestead property tax benefits unless the installment contract satisfies certain requirements, including that the contract transfer legal title and ownership of the property to the buyer once the buyer pays the contract price. Provides that a seller of real property, a mobile home, or a manufactured home that sells the property using a qualified installment contract may not claim the homestead deduction for that property. Provides that a contract for the sale of real property (excluding mobile homes and manufactured homes) that is entered into after May 31, 2013, must specify the total contract price for the sale of the real property in order to qualify for homestead property tax benefits. Consolidates duplicate provisions setting conditions for granting of deductions for homestead property being sold under an installment contract into a single Indiana Code section.