Indiana § 6-1.1-12-47 Deduction for property subject to the 2% property tax cap

Indiana Statutes

§ 6-1.1-12-47 — Deduction for property subject to the 2% property tax cap

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

(a)This section applies to assessment dates beginning after December 31, 2024.

(b)As used in the section, "eligible property" means all property that is subject to the credit for excessive property taxes under IC 6-1.1-20.6-7.5(a)(2) through IC 6-1.1-20.6-7.5(a)(4).

(c)A taxpayer is entitled to a deduction from the assessed value of the taxpayer's eligible property after the application of any other deductions that apply under this article equal to:

(1)six percent (6%) of the taxpayer's assessed value for assessments made in 2025 for property taxes first due and payable in 2026;

(2)twelve percent (12%) of the taxpayer's assessed value for assessments made in 2026 for property taxes first due and payable in 2027;

(3)nineteen percent (19%) of the taxpayer's assessed value for assessmen

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(a) This section applies to assessment dates
beginning after December 31, 2024.
(b) As used in the section, "eligible property" means all property
that is subject to the credit for excessive property taxes under IC 6-1.1-20.6-7.5(a)(2) through IC 6-1.1-20.6-7.5(a)(4).
(c) A taxpayer is entitled to a deduction from the assessed value of
the taxpayer's eligible property after the application of any other
deductions that apply under this article equal to:
(1) six percent (6%) of the taxpayer's assessed value for
assessments made in 2025 for property taxes first due and payable
in 2026;
(2) twelve percent (12%) of the taxpayer's assessed value for
assessments made in 2026 for property taxes first due and payable
in 2027;
(3) nineteen percent (19%) of the taxpayer's assessed value for
assessments made in 2027 for property taxes first due and payable
in 2028;
(4) twenty-five percent (25%) of the taxpayer's assessed value for
assessments made in 2028 for property taxes first due and payable
in 2029;
(5) thirty percent (30%) of the taxpayer's assessed value for
assessments made in 2029 for property taxes first due and payable
in 2030; and
(6) thirty-three and four-tenths percent (33.4%) of the taxpayer's
assessed value for assessments made in 2030 for property taxes
first due and payable in 2031, and for assessments made in each
taxable year thereafter.
(d) A taxpayer is not required to file an application to qualify for the
deduction established by this section. A county auditor shall apply the
deduction to eligible property in the county as set forth in this section.
(e) Application of the phased in deduction under this section for
assessment dates after December 31, 2024, with regard to mobile
homes that are not assessed as real property and manufactured homes
not assessed as real property shall be construed and applied in the same
manner in terms of timing and consistent with its application for real
property.

Indiana § 6-1.1-12-47 (Deduction for property subject to the 2% property tax cap) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.