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Senate Bill 0260

Senate Bill 0260

ARCHIVE (2006)

Latest Information

DIGEST OF SB 260 (Updated March 14, 2006 11:50 pm - DI 52)

Various property tax issues. If an assessing official discovers an overreported personal property assessment, requires the official to correct the assessment. Permits a personal property taxpayer to make an exemption claim up to 30 days after the return due date. Provides that the investment deduction for personal property does not apply to certain personal property. Allows a county to impose a separate property tax levy that is subject to the county's levy limits to compensate a county hospital for providing emergency medical services. Provides that information regarding certain property tax benefits available to owners of single family residential property must be included in the instructions for completing the sales disclosure form used in transfers of real property interests. Exempts delinquent tax collections from deposit in the excess levy fund. Reduces the amount of assessed value growth that qualifies a civil taxing unit for an excessive levy appeal. Authorizes an excessive levy appeal for certain townships to pay the costs of providing emergency medical services by paramedics. Permits a county auditor to establish a special nonreverting fund to receive additional property taxes attributable to a contract for the discovery of property that has been undervalued or omitted from assessment. Changes responsibilities for distribution of certain notices of decision by the Indiana board of tax review (IBTR). Adjusts the procedure for a public utility company to appeal the distributable property assessment of the department of local government finance (DLGF) to the IBTR. Changes the annual deadline for filing for various property tax benefits for individuals from May 10 to June 10. States requirements for maintaining a class action suit against the DLGF. Permits property tax rates to be calculated using a reduced assessed value for property to reflect the effects of pending property tax appeals. Allows the county auditor to amend assessed valuation information provided to the DLGF and political subdivisions that is used to set property tax rates. Allows a taxpayer that initiated an appeal to the DLGF of a political subdivision's budget, rate, and levy to seek judicial review if the DLGF fails to act on the appeal in a timely manner. Revises the formula for determining a civil taxing unit's maximum permissible levy to permit banking of unused levy capacity with restriction on recapture. Requires the DLGF to recommend amendments to levy banking and recapture provisions. Allows a designee of the commissioner of the DLGF to attest copies of certain documents. Provides that the DLGF rules for assessment of real property are not required to include instructions for determining depreciation or reproduction cost. Specifies when returns, other documents, and property tax payments are considered to be received for purposes of property tax statutes containing filing or payment deadlines. For depreciable personal property eligible for tax abatement and subject to the 30% minimum valuation limitation, specifies the amount of assessed value used to compute the deduction. Provides that in an appeal from a decision of a local assessing official or a property tax assessment board of appeals, the IBTR may subpoena witnesses and documents. (Current law gives the IBTR this power with respect to appeals from DLGF decisions.) Provides that if the IBTR fails to render a decision in an appeal from an action of the DLGF, the entity that initiated the appeal has the option of waiting for a IBTR decision or requesting judicial review. Specifies when a lot or tract held for sale in the ordinary course of trade or business may be reassessed for property tax purposes. Provides that money in a property tax reassessment fund may not be transferred to any other fund. Provides that certain equipment installed in an economic revitalization area or a maritime opportunity district after being used in Indiana by a person other than the tax abatement applicant is eligible for tax abatement. Requires an annual adjustment of the maximum rate of a school capital projects fund. Allows local government officers to hire a private attorney in proceedings before the Indiana tax court, subject to approval of the attorney general. Allows a redevelopment commission to establish a program for housing and to employ tax increment financing with respect to the program. Allows tax abatement for prior years for the operator of a grey iron foundry in Grant County that was denied for those years. Allows a property tax exemption for prior years for a fraternity at Butler University that was denied for those years. Allows an exemption for prior years for a soccer facility. Provides that a taxpayer is entitled to an enterprise zone investment deduction in a military installation designated as an enterprise zone only if the deduction is approved by the military base reuse authority board. Increases the maximum levy for certain fire protection districts that have experienced high assessed value growth. Authorizes a refund of sales tax paid in prior years for a youth baseball organization. Allows a property tax exemption for a prior year for the Madame Walker Theater Center. Establishes increased maximum levies for the Dubois County Contractual Library and the Jasper Public Library. Allows a water service utility to correct a prior year's utility property tax return. Makes a technical correction to SEA 71-2006 concerning property tax payments by a storm water district to a municipality. Allows a designating body to grant a property tax abatement deduction for not more than two years to the owner of a building that is located in an economic revitalization area and has been vacant for at least one year, if the owner or a tenant of the owner occupies the building and uses the building for commercial or industrial purposes. Provides that the base assessed value of property in a tax increment financing allocation area is adjusted each time an annual adjustment is made. Allows the DLGF to adopt temporary rules to implement the investment deduction. Permits a designating body to waive errors in tax abatement forms and noncompliance with filing dates.
    Current Status:
    Law Enacted
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