J.D. Prescott

Abolishes the assessment of tangible property after December 31, 2026, and the imposition of property taxes after December 31, 2027. Provides that a political subdivision may not issue any new bonds, notes, or warrants, or enter into any leases or obligations to be paid from property tax revenue, or that include a pledge to levy property taxes if other funds are insufficient. Provides that: (1) no property tax increment financing district or allocation area may be established, amended, or renewed; and (2) no bonds, leases, or other obligations may be issued, entered into, or extended for a property tax increment financing district or allocation area. Provides that a school corporation may impose an annual fee to replace the loss of revenue previously collected by the school corporation from the imposition of an operating referendum tax levy or school safety referendum tax levy. Prescribes procedures for the fixing and reviewing of a political subdivision's budget. Prohibits the imposition of new levies for controlled projects, operating referenda, and school safety referenda. Abolishes the offices of county assessor and township assessor. Extends the sales and use tax application to transactions involving services, except for health care or mental health services (including insurance premiums for policies covering these services) and services provided for charitable tax exempt purposes. Establishes the local revenue sharing fund (fund) into which revenue from the portion of revenue from the extended sales and use tax is to be deposited. Requires the state comptroller to distribute to taxing units the portion of all the state sales and use tax revenue attributable to services from the fund. Continually appropriates money from the fund. Requires the legislative services agency to prepare legislation for introduction in the 2027 regular session of the general assembly to make appropriate required changes in statutes. Makes corresponding changes.