2017 Indiana Code
TITLE 6. Taxation
ARTICLE 1.1. PROPERTY TAXES
CHAPTER 12. Assessed Value Deductions and Deduction Procedures
6-1.1-12-22. Deduction for rehabilitated property; limitations; expiration
Sec. 22. (a) This section applies only to rehabilitation of property that occurs before January 2, 2017.
(b) If the assessed value of property is increased because it has been rehabilitated and the owner has paid at least ten thousand dollars ($10,000) for the rehabilitation, the owner is entitled to have deducted from the assessed value of the property an amount equal to fifty percent (50%) of the increase in assessed value resulting from the rehabilitation (excluding an increase in assessed value that occurs from rehabilitation after January 1, 2017). The owner is entitled to this deduction annually for a five (5) year period, or if subsection (f) applies, the period established under subsection (f). However, the maximum deduction which a property owner may receive under this section for a particular year is:
(1) one hundred twenty-four thousand eight hundred dollars ($124,800) for a single family dwelling unit; or
(2) three hundred thousand dollars ($300,000) for any other type of property.
(c) For purposes of this section, the term "property" means a building or structure which was erected at least fifty (50) years before the date of application for the deduction provided by this section. The term "property" does not include land.
(d) For purposes of this section, the term "rehabilitation" means significant repairs, replacements, or improvements to an existing structure that are intended to increase the livability, utility, safety, or value of the property under rules adopted by the department of local government finance.
(e) The deduction provided by this section applies only if the property owner:
(1) owns the property; or
(2) is buying the property under contract;
on the assessment date of the year in which an application must be filed under section 24 of this chapter.
(f) A county, city, or town fiscal body may adopt an ordinance to establish a deduction period that is longer than five (5) years but not to exceed seven (7) years for any rehabilitated property covered by this section that has also been determined to be abandoned or vacant for purposes of IC 6-1.1-24.
(g) This section expires January 1, 2025.
[Pre-1975 Property Tax Recodification Citations: 6-1-10.5-1; 6-1-10.5-3; 6-1-10.5-4.]
Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.54-1997, SEC.1; P.L.6-1997, SEC.54; P.L.2-1998, SEC.18; P.L.129-2001, SEC.3; P.L.90-2002, SEC.112; P.L.20-2004, SEC.8; P.L.144-2008, SEC.27; P.L.247-2015, SEC.4; P.L.181-2016, SEC.7.
