§ 6-1.1-12.1-4 — Annual deduction; amount; percentage; period of deduction; effect of reassessment

Indiana § 6-1.1-12.1-4

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 12.1: Deduction for Rehabilitation or Redevelopment of

Text

(a) Except as provided in section 2(i)(4) of
this chapter, and subject to section 15 of this chapter, the amount of the
deduction which the property owner is entitled to receive under section
3 of this chapter for a particular year equals the product of:
(1) the increase in the assessed value resulting from the
rehabilitation or redevelopment; multiplied by
(2) the percentage determined under section 17 of this chapter.
(b) The amount of the deduction determined under subsection (a)
shall be adjusted in accordance with this subsection in the following
circumstances:
(1) If a reassessment under a county's reassessment plan prepared
under IC 6-1.1-4-4.2 occurs within the particular period of the
deduction, the amount determined under subsection (a)(1) shall
be adjusted to reflect the percentage increase or decrease in
assessed valuation that resulted from the reassessment.
(2) If an appeal of an assessment is approved that results in a
reduction of the assessed value of the redeveloped or rehabilitated
property, the amount of any deduction shall be adjusted to reflect
the percentage decrease that resulted from the appeal.
The department of local government finance shall adopt rules under IC 4-22-2 to implement this subsection.
As added by Acts 1977, P.L.69, SEC.1. Amended by Acts 1979,
P.L.56, SEC.8; Acts 1981, P.L.72, SEC.2; P.L.62-1985, SEC.2;
P.L.57-1988, SEC.1; P.L.3-1989, SEC.35; P.L.332-1989(ss), SEC.11;
P.L.65-1993, SEC.3; P.L.4-2000, SEC.5; P.L.90-2002, SEC.119;
P.L.219-2007, SEC.29; P.L.173-2011, SEC.5; P.L.6-2012, SEC.40;
P.L.112-2012, SEC.27; P.L.288-2013, SEC.8; P.L.86-2018,
SEC.44.