2018 Indiana Code
TITLE 6. Taxation
ARTICLE 1.1. PROPERTY TAXES
CHAPTER 10. Exemptions
6-1.1-10-16.7. Real property exemption; expiration
Sec. 16.7. (a) Except as otherwise provided in this section, all or part of real property is exempt from property taxation if:
(1) the improvements on the real property were constructed, rehabilitated, or acquired for the purpose of providing housing to income eligible persons under the federal low income housing tax credit program under 26 U.S.C. 42;
(2) the real property is subject to an extended use agreement under 26 U.S.C. 42 as administered by the Indiana housing and community development authority; and
(3) the owner of the property has entered into an agreement to make payments in lieu of taxes under IC 36-1-8-14.2 (before its expiration), IC 36-2-6-22 (before its expiration), or IC 36-3-2-11 (before its expiration).
(b) For assessment dates after December 31, 2017, all or part of real property is exempt from property taxation if:
(1) the conditions specified in subsection (a)(1) through (a)(3) are met; and
(2) before January 1, 2018:
(A) the real property was exempt from property taxation under this section for one (1) or more assessment dates;
(B) a person filed an application seeking bond financing with a political subdivision with respect to the real property;
(C) a person filed an application with the Indiana housing and community development authority seeking tax credits under 26 U.S.C. 42 with respect to the real property; or
(D) the real property was the subject of a resolution for affordable housing adopted by a political subdivision.
(c) This section may not be construed in such a way as to:
(1) alter the terms of an agreement with the holders of any outstanding notes, bonds, or other obligations of an issuing body;
(2) authorize the issuing body to alter the terms of an agreement described in subdivision (1); or
(3) impair, or authorize the issuing body to impair, the rights and remedies of any creditor of the issuing body.
As added by P.L.19-2000, SEC.1. Amended by P.L.185-2001, SEC.1 and P.L.291-2001, SEC.195; P.L.186-2001, SEC.2; P.L.1-2002, SEC.18; P.L.179-2002, SEC.3; P.L.1-2006, SEC.133 and P.L.181-2006, SEC.42; P.L.181-2016, SEC.3.
