Summary
Property tax relief. Adds provisions to authorize a county fiscal body to adopt an ordinance to establish a property tax payment deferral program (program). Provides that a qualified individual participating in the program may defer the payment of part of the property taxes that would otherwise be due on a homestead. Defines "qualified individual". Provides that property taxes deferred under the program are due after the occurrence of a deferral termination event. Provides that the maximum amount of taxes that may be deferred cumulatively year over year may not exceed $10,000. Amends a capitalization rate percentage under the statewide agricultural land base rate determination. Amends the percentage cap used to determine the maximum levy growth quotient (MLGQ) to equal: (1) 0% in 2026; (2) 1% in 2027; and (3) 2% in 2028. Beginning with property taxes first due and payable in 2029, amends the calculation of the MLGQ to provide a new methodology. Specifies that the MLGQ calculation is determined for the county and each civil taxing unit within the county based on specified criteria. Provides the calculation of the MLGQ for civil taxing units with territory in more than one county. Makes certain changes to the qualification requirements and credit amount for the over 65 circuit breaker credit and the property tax deduction for persons 65 years of age or older. Makes certain changes to the qualification requirements and deduction amount for the property tax deduction for disabled veterans who are either totally disabled or at least 62 years of age with a partial disability. Establishes a property tax credit for an individual who is a first time home buyer for the first five consecutive calender years in which the individual has property tax liability for the individual's homestead. Specifies the amount of the credit. Provides qualification requirements for the credit based on the individual's annual income and the homestead's assessed value. Provides that specified referendums may be placed on the ballot only at a general election. Amends the ballot language for controlled project, school operating, and school public safety referendums. Provides that a school corporation may not adopt a resolution to place a controlled project referendum on the ballot during the second calendar year after the final calendar year in which a previously approved controlled project referendum levy is imposed. Places restrictions on the issuance of certain general obligation bonds. Provides that, notwithstanding any growth in a political subdivision's assessed value in the previous year, a political subdivision's ad valorem property tax levy shall not exceed the ad valorem property tax levy for its last preceding annual budget, unless the fiscal body of the political subdivision adopts an affirmative tax rate and tax levy increase by ordinance following a separate public hearing. Requires a resulting decrease in tax rates for each political subdivision in which there was an increase in the political subdivision's assessed value in the previous year, subject to any affirmative tax rate and tax levy increase adopted by the fiscal body of the political subdivision. Phases out the authority for the department of local government finance to permit an excess tax levy that is based on assessed value growth, related to a revenue shortfall, school transportation costs, and other circumstances. Retains the provisions that permit an excess tax levy if the civil taxing unit cannot carry out its governmental functions and in the case of annexation. Creates a new referendum for all political subdivisions (but places additional restrictions on a school corporation's ability to use the referendum) to use to place a referendum on the ballot to impose a referendum tax levy for one year. Sets forth the procedures for holding the referendum. Specifies that a referendum using the procedure may be placed only on the ballot for a general election. Specifies the permissible uses of money collected from the referendum levy. Requires the department of local government finance to develop and maintain a property tax transparency portal through which taxpayers may: (1) compare the property tax liability in their current tax statement compared to their potential property tax liability based on changes under a proposed tax rate; and (2) provide taxpayer feedback to the department.