Signed by Governor Mitch Daniels, Jr.

Vote Smart's Synopsis:

Vote to pass a joint resolution that submits a constitutional amendment to the voters to reduce the allowable increases in property taxes that are first due and payable in 2012 and thereafter.

Highlights:

- Limits increases in tax liability on tangible property to a maximum of one percent of the gross assessed value. Tangible property meaning property that is used as a principle place of residence by the owner, an individual buying the property under a contract, or an individual who has beneficial interest in the owner (Sec. 2). - Limits increases in tax liability on other tangible property being used for residential purposes to a maximum of two percent of the gross assessed value (Sec. 2). - Limits increases in tax liability on agricultural property to a maximum of two percent of the gross assessed value (Sec. 2). - Limits increases in tax liability on other real property to a maximum of three percent of the gross assessed value (Sec. 2). - Defines "other real property" as property that is neither classified as tangible property nor used for residential or agricultural purposes (Sec. 2). - Limits increases in tax liability on personal property to a maximum of three percent of the gross assessed value (Sec. 2). - Excludes property taxes imposed after being approved by the voters (Sec. 2). - Excludes specific counties that the General Assembly determines in 2008 would lose at least 20 percent of the aggregate property tax revenue as a result of the new cap that would otherwise be collected so that those counties can pay for debt services or make lease payments for bonds or leases entered into before July 1, 2008. This provision expires on December 31, 2019 (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a joint resolution that submits a constitutional amendment to the voters to reduce the allowable increases in property taxes that are first due and payable in 2012 and thereafter.

Highlights:

- Limits increases in tax liability on tangible property to a maximum of one percent of the gross assessed value. Tangible property meaning property that is used as a principle place of residence by the owner, an individual buying the property under a contract, or an individual who has beneficial interest in the owner (Sec. 2). - Limits increases in tax liability on other tangible property being used for residential purposes to a maximum of two percent of the gross assessed value (Sec. 2). - Limits increases in tax liability on agricultural property to a maximum of two percent of the gross assessed value (Sec. 2). - Limits increases in tax liability on other real property to a maximum of three percent of the gross assessed value (Sec. 2). - Defines "other real property" as property that is neither classified as tangible property nor used for residential or agricultural purposes (Sec. 2). - Limits increases in tax liability on personal property to a maximum of three percent of the gross assessed value (Sec. 2). - Excludes property taxes imposed after being approved by the voters (Sec. 2). - Excludes specific counties that the General Assembly determines in 2008 would lose at least 20 percent of the aggregate property tax revenue as a result of the new cap that would otherwise be collected so that those counties can pay for debt services or make lease payments for bonds or leases entered into before July 1, 2008. This provision expires on December 31, 2019 (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a joint resolution that submits a constitutional amendment to the voters to reduce the allowable increases in property taxes that are first due and payable in 2012 and thereafter.

Highlights:

- Limits increases in tax liability on tangible property to a maximum of one percent of the combined household income of persons using the property as their primary place of residency. Tangible property meaning property that is used as a principle place of residence by the owner, an individual who is buying the tangible property, or an individual who has a beneficial interest in the owner of the tangible property (Sec. 2). - Limits increases in tax liability on other tangible property being used for residential purposes to a maximum of two percent of the gross assessed value (Sec. 2). - Limits increases in tax liability on nonresidential real property to a maximum of three percent of the gross assessed value (Sec. 2). - Defines "nonresidential real property" as property that is neither classified as tangible property nor used for residential purposes (Sec. 2). - Limits increases in tax liability on personal property to a maximum of three percent of the gross assessed value (Sec. 2). - Excludes property taxes imposed for debt service or payments on capital leases or lease-purchase agreements prior to January 1, 2009 (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a joint resolution that submits a constitutional amendment to the voters to amend the Indiana state constitution to reduce the allowable increases in property taxes.

Highlights:

- Limits increases in tax liability on tangible property to a maximum of one percent of the gross assessed value. Tangible property meaning property that is used as a principle place of residence by the owner, an individual buying the property under a contract, or an individual who has beneficial interest in the owner (Sec. 2). - Limits increases in tax liability on other tangible property being used for residential purposes to a maximum of two percent of the gross assessed value (Sec. 2). - Limits increases in tax liability on nonresidential real property to a maximum of three percent of the gross assessed value (Sec. 2). - Defines "nonresidential real property" as property that is neither classified as tangible property nor used for residential purposes (Sec. 2). - Limits increases in tax liability on personal property to a maximum of three percent of the gross assessed value (Sec. 2). - Excludes property taxes imposed after being approved by the voters (Sec. 2).

Full Bill Text