Indiana § 6-1.1-4-41 Assessment of low income rental housing

Indiana Statutes

§ 6-1.1-4-41 — Assessment of low income rental housing

Indiana § 6-1.1-4-41

Art. 1.1PROPERTY TAXES

Ch. 4Procedures for Real Property Assessment

This text of Indiana § 6-1.1-4-41 (Assessment of low income rental housing) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-1.1-4-41 (2026).

Text

(a)For purposes of this section, "low income rental property" means real property used to provide low income housing eligible for federal income tax credits awarded under Section 42 of the Internal Revenue Code, including during the time period during which the property is subject to an extended low income housing commitment under Section 42(h)(6)(B) of the Internal Revenue Code.

(b)For assessment dates after February 28, 2006, the true tax value of low income rental property is the greater of the true tax value:

(1)determined using the income capitalization approach; or

(2)that results in a gross annual tax liability equal to five percent (5%) of the total gross rent received from the rental of all units in the property for the most recent taxpayer fiscal year that ends before the ass

Free access — add to your briefcase to read the full text and ask questions with AI

(a) For purposes of this section, "low income
rental property" means real property used to provide low income
housing eligible for federal income tax credits awarded under Section
42 of the Internal Revenue Code, including during the time period
during which the property is subject to an extended low income
housing commitment under Section 42(h)(6)(B) of the Internal
Revenue Code.
(b) For assessment dates after February 28, 2006, the true tax value
of low income rental property is the greater of the true tax value:
(1) determined using the income capitalization approach; or
(2) that results in a gross annual tax liability equal to five percent
(5%) of the total gross rent received from the rental of all units in
the property for the most recent taxpayer fiscal year that ends
before the assessment date.
(c) For assessment dates after December 31, 2017, the total true tax
value of low income rental property that offers or is used to provide
Medicaid assisted living services is equal to the total true tax value that
results in a gross annual tax liability equal to five percent (5%) of the
total gross rent received from the rental of all living units in the
property for the most recent taxpayer fiscal year that ends before the
assessment date. The total true tax value shall not include the gross
receipts from, or value of, any assisted living services provided.
(d) The department of local government finance may adopt rules
under IC 4-22-2 to implement this section.