Senate Bill 152, co-sponsored by Republican State Representative Tom Dermody of LaPorte, will now go to the governor’s desk and await his signature to become law.
As part of this bill, if a homeowner feels their property assessment was calculated inaccurately, they have the ability to appeal their case to the Property Tax Assessment Board of Appeals (PTABOA). If the assessed value is increased by a certain amount, PTABOA is responsible for proving whether or not the assessment was done accurately. If a homeowner wins the appeal, a new and more accurate assessment is established and used for taxing purposes.
Currently, the law designates property owners must continually appeal their assessments every year based on its original assessed value. Senate Bill 152 establishes that homeowners, who win an appeal, are able to use PTABOA’s newly assessed value as a guideline for future property assessments. In doing so, a homeowner is less likely to appeal their assessments using the newly established amount.
In addition, the bill benefits homeowners who overpaid on their property taxes. Instead of getting a flat rate of four percent, the homeowner will get the interest rate that was in effect for the particular year they overpaid.