SB 399

Bill Subjects

Abstract

Provides that a county assessor or township assessor (if any) may request the department of local government finance (department) to perform a state conducted assessment of a particular commercial building or structure used for retail purposes. Specifies the procedures for the state conducted assessment. Provides that the true tax value of commercial real property used for retail purposes that is occupied by the original owner or by a tenant for which the improvement was built shall be determined by the cost approach for the first 10 years of occupancy of the property, less normal depreciation and normal obsolescence under the rules and guidelines of the department of local government finance. Provides that the taxpayer and the assessing official are required to participate in mandatory mediation of an appeal of an assessment of the commercial real property, instead of the preliminary informal meeting process under current law. Requires the county property tax assessment board of appeals (county board) to designate one member of the county board to serve as the mediator for the mediation conference, and specifies certain procedures that apply. Provides that, if a mandatory mediation conference is not held due to the failure of a party or the party's representative to appear, the county board's determination of the assessment may not be appealed to the Indiana board of tax review. Provides that a taxpayer shall (not may) enter into a written agreement with a redevelopment commission in which the taxpayer waives review of any assessment of the taxpayer's property in an allocation area during the term of any bond or lease obligations that are payable from allocated property taxes, unless the redevelopment commission waives the requirement in writing. Provides that a county fiscal body may adopt an ordinance to provide that the county assessor be reimbursed for legal costs (in addition to other specified costs under current law) incurred by the county assessor in defending an appeal that is uncommon and infrequent in the normal course of defending appeals.