Senate Bill 0327 Passed 48 – 0. (I’m not even pretending to analyze this one.)
Delays the next general reassessment of real property by two years and requires general reassessments every five years thereafter. Delays until 2006 implementation of annual adjustments of real property tax assessments. Amends the factors to be included in the annual adjustment rule of the department of local government finance (DLGF). Allows assessors to employ professional appraisers to assist with annual adjustments. Requires the DLGF to: (1) review and certify annual adjustments; (2) establish local deadlines in the determination of annual adjustments; (3) provide training to assessors and county auditors in the verification of sales; (4) approve a determination by assessors to not employ a professional appraiser for a general reassessment; and (5) adopt rules for the establishment of a statewide integrated property tax management system. Allows the DLGF to take over local assessment, reassessment, or annual adjustment activities if it determines that the activities are not being performed properly. Allows the filing of an assessment registration notice with the county assessor or the area plan commission. Renames the assessment training fund as the assessment training and administration fund, extends for four years the $10 sales disclosure form filing fee, requires deposit of 40% of the revenue from the fee in that fund instead of the state general fund, and allows the Indiana board of tax review to use money in the fund to conduct appeal activities. Eliminates the county property tax reassessment fund and provides for funding of assessment activities through the general fund. Directs the department of state revenue to withhold state property tax replacement fund distributions to counties for various reasons. Prohibits an appraiser or a technical advisor that serves a township or county from representing taxpayers in the county. Authorizes a refund of property taxes paid by an exempt sorority that meets certain criteria.