Great News For
Apartment Owners – 2% Rate Cap for All Apartment Common Areas Will Apply to
2014 Tax Bills!
The DLGF announced today (June 14, 2013) that, effective for
taxes payable in 2014, common areas of residential properties will become
subject to the 2% rate cap as opposed to the higher 3% rate cap applied to
other non-residential real estate and personal property.
The Indiana Apartment
Association should be heartily congratulated for their outstanding lobbying
efforts in making this happen.
History - Beginning with the implementation of real estate
tax rate caps, homestead residential property has generally been limited to a
1% tax rate, “other residential” property and agricultural land have been
subject to a maximum tax rate of 2% and three and other real estate and
personal property has been subject to a 3% rate cap.
Since that time, most assessors and the Department of Local
Government Finance have interpreted the word “residential” to mean only the
buildings containing residential units and the land under those buildings.
Therefore common areas of apartments have not been deemed residential and have been
separately assessed as property subject to the higher 3% rate cap.
The most recent legislature’s passage of House Enrolled Act
1545 (signed into law on May 11) defined common areas of residential properties
in such a way as to clarify that they are subject to the 2% rate caps. However,
the law’s effective date was somewhat unclear. With today’s memo, the DLGF has
made clear that the law will apply to the 2013 pay 2014 real estate tax cycle.
Congratulations to
Apartment Owners!
4 comments:
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