Indiana § 36-7-32.5-14 Allocation of tax proceeds; allocation of excess assessed value;
allocation of property tax increment revenue from existing allocation
area

Indiana Statutes

§ 36-7-32.5-14 — Allocation of tax proceeds; allocation of excess assessed value; allocation of property tax increment revenue from existing allocation area

Indiana § 36-7-32.5-14

Title 36LOCAL GOVERNMENT

Art. 7PLANNING AND DEVELOPMENT

Ch. 32.5Innovation Development Districts

This text of Indiana § 36-7-32.5-14 (Allocation of tax proceeds; allocation of excess assessed value; allocation of property tax increment revenue from existing allocation area) 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 § 36-7-32.5-14 (2026).

Text

(a)An allocation area designated under section 13 of this chapter must:

(1)apply to the entire innovation development district; and

(2)require that any property tax assessed on taxable real and personal property used for commercial or industrial purposes subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes in the innovation development district be allocated and distributed as provided in subsections (c) and (d).

(b)Property tax proceeds may not be allocated under this section before January 1 of the calendar year immediately following the calendar year in which the base assessed value of the allocation area is determined under section 13 of this chapter.

(c)Except as otherwise provided in this section:

(1)the proceeds of the taxes

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(a) An allocation area designated under
section 13 of this chapter must:
(1) apply to the entire innovation development district; and
(2) require that any property tax assessed on taxable real and
personal property used for commercial or industrial purposes
subsequently levied by or for the benefit of any public body
entitled to a distribution of property taxes in the innovation
development district be allocated and distributed as provided in
subsections (c) and (d).
(b) Property tax proceeds may not be allocated under this section
before January 1 of the calendar year immediately following the
calendar year in which the base assessed value of the allocation area is
determined under section 13 of this chapter.
(c) Except as otherwise provided in this section:
(1) the proceeds of the taxes attributable to the lesser of:
(A) the assessed value of the taxable real and personal property
for the assessment date with respect to which the allocation and
distribution is made; or
(B) the base assessed value;
shall be allocated and, when collected, paid into the funds of the
respective taxing units; and
(2) the excess of the proceeds of the property taxes imposed for
the assessment date with respect to which the allocation and
distribution is made that are attributable to taxes imposed after
being approved by the voters in a referendum or local public
question conducted after April 30, 2010, not otherwise included
in subdivision (1) shall be allocated to and, when collected, paid
into the funds of the taxing unit for which the referendum or local
public question was conducted.
(d) Except as provided in subsections (e) and (f), all the property tax
proceeds that:
(1) exceed those described in subsection (c); and
(2) are attributable to the assessed value of taxable real and
personal property used for commercial or industrial purposes;
shall be paid into the appropriate local innovation development district
fund established by section 19 of this chapter by the county auditor at
the same time that the county auditor distributes property taxes to other
local units of government under IC 6-1.1-27. Any remaining property
tax proceeds that exceed those described in subsection (c) that are not
described in subdivision (2) shall be allocated and, when collected,
paid into the funds of the respective taxing units.
(e) Notwithstanding any provision to the contrary in this section, if
an innovation development district that is designated as an allocation
area under section 13 of this chapter includes territory located in an
existing allocation area described in section 10(b) of this chapter, the
county auditor shall continue to allocate to the existing allocation area
described in section 10(b) of this chapter any incremental property tax
revenues that would otherwise be allocated to the existing allocation
area described in section 10(b) of this chapter as if the innovation
development district had not been designated under this chapter, until
the existing allocation area described in section 10(b) of this chapter
expires.
(f) Notwithstanding any other law, each assessor shall, upon petition
of an executive or the corporation, reassess the taxable real and
personal property situated upon or in, or added to, the innovation
development district effective on the next assessment date after the
petition.
(g) Notwithstanding any other law, the assessed value of all taxable
real and personal property in the innovation development district, for
purposes of tax limitation, property tax replacement, and formulation
of the budget, tax rate, and tax levy for each political subdivision in
which the property is located is the lesser of:
(1) the assessed value of the taxable real and personal property as
valued without regard to this section; or
(2) the base assessed value.