I referred to this in a comment, but I thought I would put it up front and center in case my concerns had any merit. I was reading the text of Senate Joint Resolution 1 which seeks to write property tax caps into the Indiana Constitution.
It caps potential tax liability for residential property that is a taxpayer’s principal place of residence at 1% of assessed value; for other residential property and agricultural property at 2% of assessed value; and for personal property and other real property at 3% of assessed value.
The amendment does not appear to specify the relevant period of time for the calculation. I suspect the intent is that annual tax liability is capped at that percentage of assessed value, but I don’t think the resolution actually says this. Perhaps it could be read as daily tax liability or, more realistically, lifetime property tax liability.
This version has already been approved by a prior General Assembly. So, if the omission of the appropriate time frame was actually a goof, this General Assembly may face a choice of living with it and hoping for the best or starting all over.