SB 145 IN

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Provides that the true tax value of commercial real property commercial property with a structure, or a portion thereof, that: (1) is at least 100,000 square feet in area; (2) is used for retail purposes; and (3) is occupied by a single retailer; shall be determined by application of the cost approach. Provides that the application of the cost approach requirement is not applicable if the property was: (1) vacated by the original occupant for which the property was constructed; (2) constructed more than five years prior to the assessment date; or (3) substantially and adversely impacted by a change in a roadway or traffic pattern. Provides that estimates of depreciation and obsolescence shall not be based on data derived from the sales comparison or income capitalization approaches. Requires the department of local government finance (department) to establish a standard construction cost per square foot for the purpose of applying the cost approach. Requires the department to update the standard construction cost per square foot annually. Provides that when requesting a review, a taxpayer may present an appraisal based on the cost approach as evidence that the actual construction cost was lower than the department's determined standard construction cost per square foot that was used to assess the property. Provides that the parties to any appeal may enter into a written agreement to stipulate to the true tax value of the property. Provides that the fiscal officer of the county may establish a separate account for the tax receipts that are attributable to the property tax assessment that is the subject of review.

• Brian Buchanan Republican · author
• Linda Rogers Republican · author
• Timothy Brown · sponsor

1. Jan 4, 2022 Coauthored by Senators Boots and Baldwin · upper
2. Jan 4, 2022 Authored by Senators Buchanan and Rogers · upper
3. Jan 4, 2022 First reading: referred to Committee on Tax and Fiscal Policy · upper
4. Jan 25, 2022 Committee report: amend do pass, adopted · upper
5. Jan 25, 2022 Senator Randolph added as coauthor · upper
6. Jan 27, 2022 Second reading: ordered engrossed · upper
7. Jan 31, 2022 Senators Qaddoura and Niemeyer added as coauthors · upper
8. Jan 31, 2022 Senator Raatz added as coauthor · upper
9. Jan 31, 2022 Third reading: passed; Roll Call 107: yeas 49, nays 0 · upper
10. Jan 31, 2022 House sponsor: Representative Brown T · upper
11. Jan 31, 2022 Cosponsors: Representatives Schaibley and Thompson · upper
12. Feb 1, 2022 Senators Ford J.D. and Melton added as coauthors · upper
13. Feb 1, 2022 Referred to the House · upper
14. Feb 7, 2022 First reading: referred to Committee on Ways and Means · lower
15. Feb 17, 2022 Committee report: amend do pass, adopted · lower
16. Feb 21, 2022 Second reading: ordered engrossed · lower
17. Feb 22, 2022 Third reading: passed; Roll Call 233: yeas 92, nays 0 · lower
18. Feb 23, 2022 Returned to the Senate with amendments · lower
19. Feb 23, 2022 Motion to concur filed · upper
20. Mar 2, 2022 Senate concurred in House amendments; Roll Call 318: yeas 47, nays 0 · upper
21. Mar 7, 2022 Signed by the President Pro Tempore · upper
22. Mar 8, 2022 Signed by the Speaker · lower
23. Mar 9, 2022 Signed by the President of the Senate · upper
24. Mar 10, 2022 Signed by the Governor · executive
25. Mar 10, 2022 Public Law 54 · upper

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Enrolled Senate Bill (S) · Mar 2, 2022 · PDF
• Introduced Senate Bill (S) · Dec 30, 2021 · PDF
• Senate Bill (S) · Jan 25, 2022 · PDF
• Senate Bill (S) · Jan 26, 2022 · PDF
• Senate Bill (H) · Feb 17, 2022 · PDF