A bill benefiting Hoosier homeowners unanimously passed out of the House recently. Co-sponsored by State Representative Tom Dermody (R-LaPorte), Senate Bill (SB) 152 will now go to the governor’s desk and wait for his signature before becoming a law.
“It is a great inconvenience for homeowners, who win a property tax appeal, to have to continually contest their assessments every year,” said Rep. Dermody. “This bill ensures that the freshly assessed value, which is a more accurate calculation of their property, will serve as the basis for future assessments rather than the original appraised amount.”
After property is assessed, if a homeowner feels their assessment was calculated inaccurately, they have the ability to appeal their case to the Property Tax Assessment Board of Appeals (PTABOA). If the assessed value is increased by a certain amount, PTABOA is responsible for proving whether or not the assessment was done accurately. If a homeowner wins the appeal and after PTABOA determines the assessment was incorrect, a new and more accurate assessment is established and used for taxing purposes.
Currently, the law designates property owners must continually appeal their assessments every year based on its original assessed value. This bill establishes that homeowners, who win an appeal, are able to use PTABOA’s newly assessed value as a guideline for future property assessments. In doing so, a homeowner is less likely to appeal their assessments using the newly established amount.
Another aspect of the bill establishes that disabled veterans and their surviving spouses can qualify for motor vehicle taxes and raises the number of cars from one to two that can be claimed on tax forms. Additionally, the bill benefits homeowners who overpaid on their property taxes. Instead of getting a flat rate of 4 percent, the homeowner will get the interest rate that was in effect for the particular year they overpaid.
“LaPorte County has struggled with the property tax situation since 2007, and I have already taken steps this year in providing relief for those homeowners. This bill provides an additional layer of protection for them,” said Rep. Dermody.
Visit www.in.gov/legislative for more information on SB 152.
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