IndianaSB 194First Regular Session 124th General Assembly (2025)Senate

Assessment of certain commercial property.

Sponsored By: Rick Niemeyer (Republican)

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Summary

Establishes certain assessment requirements for commercial property with a structure that is not more than 100,000 square feet in area and that is: (1) used for retail purposes; (2) a maintenance or service shop; and (3) detached or offsite storage property or facilities used in relation to those uses. Requires the assessor to annually determine the assessed value of those properties using each of the following approaches: (1) Cost approach. (2) Sales comparison approach. (3) Income capitalization approach. Requires the assessor to use the department of local government finance cost schedules without additional modifiers, adjustments, or other trending factors beyond the location cost multiplier adjustments developed by the department. Prohibits the use of locally developed cost schedules, location cost multipliers, and market or trending adjustments. Requires the assessor to report to the taxpayer each of the values under the three approaches. Provides that the assessor has the burden of proof to establish that the assessed value of the property is the lowest value under the three approaches. Requires the assessor making the assessment to personally provide an explanation to the taxpayer concerning how the assessed value of the property was calculated if requested.

tax and fiscal policy

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Rick Niemeyer

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. First reading: referred to Committee on Tax and Fiscal Policy

    1/8/2025Senate
  2. Authored by Senator Niemeyer

    1/8/2025Senate

Bill Text

  • Introduced Senate Bill (S)

Related Bills

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