Indiana HB1243 revises the municipal Barrett Law to allow property owners to prepay assessments in full at any time.

Indiana HB1243 amends the municipal Barrett Law to require municipal works boards to establish a policy permitting property owners who have filed a waiver to prepay their assessments in full at any time, including within the year of filing the waiver. The policy must allow the property owner to pay the entire balance of the assessment and be relieved of the lien on the property. A property owner may not pay the entire balance unless they also pay all interest due at the next interest-paying period. This change takes effect on July 1, 2026.

Indiana HB1243 revises the municipal Barrett Law to allow property owners to prepay assessments in full at any time.

Indiana HB1243 amends the municipal Barrett Law to require municipal works boards to establish a policy permitting property owners who have filed a waiver to prepay their assessments in full at any time, including within the year of filing the waiver. The policy must allow the property owner to pay the entire balance of the assessment and be relieved of the lien on the property. A property owner may not pay the entire balance unless they also pay all interest due at the next interest-paying period. This change takes effect on July 1, 2026.