Indiana § 36-7-32.5-15 Agreement with taxpayer; exemption of property from taxation

Indiana Statutes

§ 36-7-32.5-15 — Agreement with taxpayer; exemption of property from taxation

Indiana § 36-7-32.5-15

Title 36LOCAL GOVERNMENT

Art. 7PLANNING AND DEVELOPMENT

Ch. 32.5Innovation Development Districts

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Bluebook

Ind. Code § 36-7-32.5-15 (2026).

Text

(a)An executive or the corporation may enter into a written agreement with a taxpayer who owns, or is otherwise obligated to pay property taxes on, tangible property that is or will be located in an allocation area established under this chapter in which the taxpayer waives review of any assessment of the taxpayer's tangible property that is located in the allocation area for an assessment date that occurs during the term of any specified bond or lease obligations that are payable, in whole or in part, from property taxes in accordance with an allocation provision for the allocation area and any applicable statute, ordinance, or resolution.

(b)Except as provided in subsection (c), but notwithstanding any other law, an executive or the corporation may exempt from taxation any tangible rea

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(a) An executive or the corporation may
enter into a written agreement with a taxpayer who owns, or is
otherwise obligated to pay property taxes on, tangible property that is
or will be located in an allocation area established under this chapter
in which the taxpayer waives review of any assessment of the
taxpayer's tangible property that is located in the allocation area for an
assessment date that occurs during the term of any specified bond or
lease obligations that are payable, in whole or in part, from property
taxes in accordance with an allocation provision for the allocation area
and any applicable statute, ordinance, or resolution.
(b) Except as provided in subsection (c), but notwithstanding any
other law, an executive or the corporation may exempt from taxation
any tangible real property improvements or personal property, or a part
of real property improvements or personal property, that:
(1) in the case of real property improvements, is assessed as
commercial or industrial property under the rules of the
department of local government finance;
(2) is located within the innovation development district; and
(3) was:
(A) in the case of real property improvements, constructed; and
(B) in the case of personal property, first entered into service;
after the date that the innovation development district was
designated under section 9 of this chapter.
The executive, or the corporation, as applicable, shall notify the county
assessor and county auditor of the county in which the real property
improvement or personal property is located of an exemption provided
under this subsection. An executive who provided an exemption, or the
corporation, if the corporation provided the exemption, may terminate
the exemption by providing notice to the county assessor and county
auditor of the county in which the real property improvement or
personal property is located. An exemption, or the termination of an
exemption, is effective beginning with the assessment date that
immediately follows the date that the notice required under this
subsection is provided by the executive or the corporation.
(c) An executive and the corporation may not exempt from taxation
any real property improvements or personal property described in
subsection (b) after any bonds have been issued by the Indiana finance
authority under IC 5-1.2-4-4(a)(2) that are payable from revenues
deposited in a local innovation development district fund established
under section 19 of this chapter as long as the bonds remain
outstanding.