Indiana HB1238 modifies homestead assessment rules, limiting adjustments to post-transfer events.
Indiana HB1238 amends the assessment rules for homesteads, stipulating that the assessed value of real property qualifying as a homestead can only be adjusted upon sale, devise, descent, or conveyance. Adjustments before such events are prohibited unless requested by the property owner. The bill also outlines a methodology for the Department of Local Government Finance to annually adjust assessed values, using a six-year rolling average and specific capitalization rates. Effective July 1, 2026, these provisions aim to ensure more stable and predictable property tax assessments for homesteads.
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