§ 36-3-2-12 — Definitions; "PILOTS"; adoption of ordinance; calculation; imposition; deposited in housing trust fund; due date

(a) PILOTS may be imposed under this
section for an assessment date occurring after December 31, 2021.
(b) As used in this section, the following terms have the meanings
set forth in IC 6-1.1-1:
(1) Assessed value.
(2) Exemption.
(3) Owner.
(4) Person.
(5) Property taxation.
(6) Real property.
(7) Township assessor.
(c) As used in this section, "PILOTS" means payments in lieu of
taxes.
(d) As used in this section, "property owner" means the owner of
real property described in IC 6-1.1-10-16.7 that is located in a county
with a consolidated city.
(e) Subject to the approval of a property owner, the legislative body
of the consolidated city may adopt an ordinance to require the property
owner to pay PILOTS at times set forth in the ordinance with respect
to real property that is subject to an exemption under IC 6-1.1-10-16.7.
The ordinance remains in full force and effect until repealed or
modified by the legislative body, subject to the approval of the property
owner.
(f) The PILOTS must be calculated so that the PILOTS are in an
amount that is:
(1) agreed upon by the property owner and the legislative body of
the consolidated city;
(2) a percentage of the property taxes that would have been levied
by the legislative body for the consolidated city and the county
upon the real property described in subsection (e) if the property
were not subject to an exemption from property taxation; and
(3) not more than the amount of property taxes that would have
been levied by the legislative body for the consolidated city and
county upon the real property described in subsection (e) if the
property were not subject to an exemption from property taxation.
(g) PILOTS shall be imposed as are property taxes and shall be
based on the assessed value of the real property described in subsection
(e). Except as provided in subsection (j), the township assessor, or the
county assessor if there is no township assessor for the township, shall
assess the real property described in subsection (e) as though the
property were not subject to an exemption.
(h) PILOTS collected under this section shall be deposited in the
housing trust fund established under IC 36-7-15.1-35.5 and used for
any purpose for which the housing trust fund may be used.
(i) PILOTS shall be due as set forth in the ordinance and bear
interest, if unpaid, as in the case of other taxes on property. PILOTS
shall be treated in the same manner as taxes for purposes of all
procedural and substantive provisions of law.
(j) If the duties of the township assessor have been transferred to the
county assessor as described in IC 6-1.1-1-24, a reference to the
township assessor in this section is considered to be a reference to the
county assessor.

Legislative History

As added by P.L.74-2021, SEC.5.