Indiana § 36-7-15.1-26.2 Definitions; amendment of resolution; property taxes

Indiana Statutes

§ 36-7-15.1-26.2 — Definitions; amendment of resolution; property taxes

Indiana § 36-7-15.1-26.2

Title 36LOCAL GOVERNMENT

Art. 7PLANNING AND DEVELOPMENT

Ch. 15.1Redevelopment of Areas in Marion County Needing

This text of Indiana § 36-7-15.1-26.2 (Definitions; amendment of resolution; property taxes) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-7-15.1-26.2 (2026).

Text

2.

(a)As used in this section, "depreciable personal property" refers to all of the designated taxpayer's depreciable personal property that is located in the allocation area.

(b)As used in this section, "designated taxpayer" means a taxpayer designated by the commission in a declaratory resolution adopted or amended under section 8 or 10.5 of this chapter, and with respect to which the commission finds that:

(1)taxes to be derived from the taxpayer's depreciable personal property in the allocation area, in excess of the taxes attributable to the base assessed value of that personal property, are needed to pay debt service for bonds issued under section 17 of this chapter or to make payments on leases payable under section 17.1 of this chapter in order to provide local public improvemen

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2. (a) As used in this section,
"depreciable personal property" refers to all of the designated
taxpayer's depreciable personal property that is located in the allocation
area.
(b) As used in this section, "designated taxpayer" means a taxpayer
designated by the commission in a declaratory resolution adopted or
amended under section 8 or 10.5 of this chapter, and with respect to
which the commission finds that:
(1) taxes to be derived from the taxpayer's depreciable personal
property in the allocation area, in excess of the taxes attributable
to the base assessed value of that personal property, are needed to
pay debt service for bonds issued under section 17 of this chapter
or to make payments on leases payable under section 17.1 of this
chapter in order to provide local public improvements for a
particular allocation area;
(2) the taxpayer's property in the allocation area will consist
primarily of industrial, manufacturing, warehousing, research and
development, processing, distribution, transportation, or
convention center hotel related projects or regulated amusement
devices (as defined in IC 22-12-1-19.1) and related
improvements; and
(3) the taxpayer's property in the allocation area will not consist
primarily of retail, commercial, or residential projects, other than
an amusement park or tourism industry project.
For purposes of subdivision (3), a convention center hotel project is not
considered a retail, commercial, or residential project.
(c) The allocation provision of a declaratory resolution may modify
the definition of "property taxes" under section 26(a) of this chapter to
include taxes imposed under IC 6-1.1 on the depreciable personal
property of designated taxpayers in accordance with the procedures and
limitations set forth in this section and section 26 of this chapter. If
such a modification is included in the resolution, for purposes of
section 26 of this chapter the term "base assessed value" with respect
to the depreciable personal property of designated taxpayers means,
subject to section 26(j) of this chapter, the net assessed value of the
depreciable personal property as finally determined for the assessment
date immediately preceding:
(1) the effective date of the modification, for modifications
adopted before July 1, 1995; and
(2) the adoption date of the modification for modifications
adopted after June 30, 1995;
as adjusted under section 26(h) of this chapter.

Legislative History

As added by P.L.41-1992, SEC.8. Amended by P.L.25-1995, SEC.90; P.L.234-2007, SEC.205; P.L.172-2011, SEC.153; P.L.214-2019, SEC.40; P.L.257-2019, SEC.127.