§ 6-1.1-12-34 — Deduction for geothermal energy heating or cooling device; limitations

(a) For purposes of this section, "geothermal
energy heating or cooling device" means a device that is installed after
December 31, 1981, and is designed to utilize the natural heat from the
earth to provide hot water, produce electricity, or generate heating or
cooling.
(b) The owner of real property, or a mobile home that is not assessed
as real property, that is equipped with a geothermal energy heating or
cooling device is annually entitled to a property tax deduction. The
amount of the deduction equals the remainder of: (1) the assessed value
of the real property or mobile home with the geothermal heating or
cooling device; minus (2) the assessed value of the real property or
mobile home without the geothermal heating or cooling device.
(c) The deduction provided by this section applies only if the
property owner:
(1) owns the real property or mobile home; or
(2) is buying the real property or mobile home under contract;
on the date the statement is filed under section 35.5 of this chapter.
(d) This section applies only to property taxes imposed for an
assessment date before January 1, 2025.
(e) This section expires January 1, 2027.
As added by Acts 1981, P.L.71, SEC.2. Amended by
P.L.144-2008, SEC.33; P.L.68-2025, SEC.41.