Plain English Breakdown
The official source material does not provide details on how long the freeze will last or whether it applies only to property tax increases due to home valuation changes.
Property Tax Freeze for Homeowners
This bill would stop a homeowner's property tax from increasing after they acquire their main home.
What This Bill Does
- Freezes the property tax on an individual's homestead based on when they acquired ownership of it.
Who It Names or Affects
- Homeowners who own their main residence in Indiana.
Terms To Know
- Homestead
- A person's main home and the land it sits on, which is protected from certain debts and taxes.
Limits and Unknowns
- The bill does not specify how long the tax freeze will last.
- It only applies to property taxes based on ownership of a homestead, not other types of properties or taxes.