Buchanan: Bill To Modify Definition Of A Homestead Goes To Governor’s Desk

A bill authored by State Sen. Brian Buchanan (R-Lebanon) that would modify the definition of a homestead for the purposes of the homestead standard property tax deduction passed the General Assembly Thursday.

Senate Enrolled Act 325 would allow a home, one attached or detached garage and one additional building not being used for commercial purposes on a one-acre parcel of land to be considered part of a property owner’s homestead and therefore eligible for the 1% property tax cap.

“This bill could help make Indiana an even more affordable place to live, work and raise a family by aiming to lower the property taxes for many Hoosiers across the state who claim a homestead standard deduction on their property,” Buchanan said. “I take lowering property taxes in Indiana very seriously and I am happy to see the bill receive approval by the General Assembly.

This bill will impact assessments beginning in 2024 and will not influence property tax bills paid in 2023.

SEA 325 now heads to the governor for his consideration.

As the 2023 session progresses, Buchanan encourages residents of Senate District 7 to contact him with any questions or comments they may have at [email protected] or 800-382-9467.