Section 1. (a) Subject to this section, the General Assembly shall
provide, by law, for a uniform and equal rate of property assessment
and taxation and shall prescribe regulations to secure a just valuation
for taxation of all property, both real and personal.
(b) A provision of this section permitting the General Assembly to exempt property from taxation also permits the General Assembly to exercise its legislative power to enact property tax deductions and credits for the property. The General Assembly may impose reasonable filing requirements for an exemption, deduction, or credit.
(c) The General Assembly may exempt from property taxation any property in any of the following classes:
(1) Property being used for municipal, educational, literary, scientific, religious, or charitable purposes.
(2) Tangible personal property other than property being held as an investment.
(3) Intangible personal property.
(4) Tangible property, including curtilage, used as a principal place of residence by an:
(A) owner of the property;
(B) individual who is buying the tangible property under a contract; or
(C) individual who has a beneficial interest in the owner of the tangible property.
(d) The General Assembly may exempt any motor vehicles, mobile homes (not otherwise exempt under this section), airplanes, boats, trailers, or similar property, provided that an excise tax in lieu of the property tax is substituted therefor.
(e) This subsection applies to property taxes first due and payable in 2012 and thereafter. The following definitions apply to subsection (f):
(1) "Other residential property" means tangible property (other than tangible property described in subsection (c)(4)) that is used for residential purposes.
(2) "Agricultural land" means land devoted to agricultural use.
(3) "Other real property" means real property that is not tangible property described in subsection (c)(4), is not other residential property, and is not agricultural land.
(f) This subsection applies to property taxes first due and payable in 2012 and thereafter. The General Assembly shall, by law, limit a taxpayer's property tax liability as follows:
(1) A taxpayer's property tax liability on tangible property described in subsection (c)(4) may not exceed one percent (1%) of the gross assessed value of the property that is the basis for the determination of property taxes.
(2) A taxpayer's property tax liability on other residential property may not exceed two percent (2%) of the gross assessed value of the property that is the basis for the determination of property taxes.
Section 3. No money shall be drawn from the Treasury, but in
pursuance of appropriations made by law.
Section 4. An accurate statement of the receipts and expenditures of
the public money, shall be published with the laws of each regular
session of the General Assembly.
Section 5. No law shall authorize any debt to be contracted, on behalf of the State, except in the following cases: to meet casual deficits in the revenue; to pay the interest on the State Debt; to repel invasion, suppress insurrection, or, if hostilities be threatened, provide
for the public defense.
Section 6. No county shall subscribe for stock in any incorporated
company, unless the same be paid for at the time of such subscription;
nor shall any county loan its credit to any incorporated company, nor
borrow money for the purpose of taking stock in any such company;
nor shall the General Assembly ever, on behalf of the State, assume the
debts of any county, city, town, or township; nor of any corporation
Section 7. No law or resolution shall ever be passed by the General
Assembly of the State of Indiana, that shall recognize any liability of
this State to pay or redeem any certificate of stock issued in pursuance
of an act entitled "An Act to provide for the funded debt of the State of
Indiana, and for the completion of the Wabash and Erie Canal to
Evansville," passed January 19th, 1846; and an act supplemental to
said act, passed January 29th, 1847, which, by the provisions of the
said acts, or either of them, shall be payable exclusively from the
proceeds of the canal lands, and the tolls and revenues of the canal, in
said acts mentioned, and no such certificates or stocks shall ever be
paid by this State.
(History: Added February 18, 1873).
Section 8. The general assembly may levy and collect a tax upon
income, from whatever source derived, at such rates, in such manner,
and with such exemptions as may be prescribed by law.
(History: Added November 8, 1932).