SB 299 Assessed value of homesteads. Sen. Mrvan:
Provides, for assessment dates after February 29, 2008, that the assessed value of a homestead that changes ownership in the preceding year is the sale price of the homestead. Limits the annual increase in the assessed value of a homestead that results from trending to the lesser of 3% or the percentage change in the consumer price index.
[tags]SB299-2007, taxation[/tags]
Can someone offer some background on this? I’m vaguely aware of some sort of tax credit called Hoosier Homestead or something like that. What I’m not clear on is whether this bill is a form of property tax relief, or a state revenue-enhancing measure (by effectively reducing the amount of a certain tax credit), or both.