Indiana § 6-1.1-12-40 Deductions for real property located in enterprise zones

Indiana Statutes

§ 6-1.1-12-40 — Deductions for real property located in enterprise zones

Indiana·Art. 1.1 PROPERTY TAXES·Ch. 12 Assessed Value Deductions and Deduction Procedures

(a)This section applies only to real property that is located in an enterprise zone established in a county containing a consolidated city.

(b)The owner of real property described in subsection (a) is entitled to a deduction under this section if:

(1)an obsolescence depreciation adjustment for either functional obsolescence or economic obsolescence was allowed for the property for property taxes assessed in the year preceding the year in which the owner purchased the property;

(2)the property owner submits an application requesting the deduction to the fiscal body of the county in which the property is located; and

(3)the fiscal body of the county approves the deduction.

(c)If a county fiscal body approves a deduction under this section, it must notify the county auditor of the appro

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(a) This section applies only to real property
that is located in an enterprise zone established in a county containing
a consolidated city.
(b) The owner of real property described in subsection (a) is entitled
to a deduction under this section if:
(1) an obsolescence depreciation adjustment for either functional
obsolescence or economic obsolescence was allowed for the
property for property taxes assessed in the year preceding the year
in which the owner purchased the property;
(2) the property owner submits an application requesting the
deduction to the fiscal body of the county in which the property
is located; and
(3) the fiscal body of the county approves the deduction.
(c) If a county fiscal body approves a deduction under this section,
it must notify the county auditor of the approval of the deduction.
(d) A deduction may be claimed under this section for not more than
four (4) years. The amount of the deduction under this section equals:
(1) the amount of the obsolescence depreciation adjustment for
either functional obsolescence or economic obsolescence that was
allowed for the property for property taxes assessed in the year
preceding the year in which the owner purchased the property;
multiplied by
(2) the following percentages:
(A) One hundred percent (100%), for property taxes assessed
in the year in which the owner purchased the property.
(B) Seventy-five percent (75%), for property taxes assessed in
the year after the year in which the owner purchased the
property.
(C) Fifty percent (50%), for property taxes assessed in the
second year after the year in which the owner purchased the
property.
(D) Twenty-five percent (25%), for property taxes assessed in
the third year after the year in which the owner purchased the
property.
(e) This section applies only to property taxes imposed for an
assessment date before January 1, 2025.
(f) This section expires January 1, 2027.

Indiana § 6-1.1-12-40 (Deductions for real property located in enterprise zones) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.