2018 Indiana Code
TITLE 6. Taxation
ARTICLE 1.1. PROPERTY TAXES
CHAPTER 12.4. Investment Deduction
6-1.1-12.4-2. Applicability of deduction entitlement; calculation of deduction amount; filing requirements; adjustments

Universal Citation: IN Code § 6-1.1-12.4-2 (2018)
IC 6-1.1-12.4-2 Applicability of deduction entitlement; calculation of deduction amount; filing requirements; adjustments

     Sec. 2. (a) For purposes of this section, an increase in the assessed value of real property is determined in the same manner that an increase in the assessed value of real property is determined for purposes of IC 6-1.1-12.1.

     (b) This subsection applies only to a development, redevelopment, or rehabilitation that is first assessed after March 1, 2005, and before March 2, 2007. Except as provided in subsection (h) and sections 4, 5, and 8 of this chapter, an owner of real property that:

(1) develops, redevelops, or rehabilitates the real property; and

(2) creates or retains employment from the development, redevelopment, or rehabilitation;

is entitled to a deduction from the assessed value of the real property.

     (c) Subject to section 14 of this chapter, the deduction under this section is first available in the year in which the increase in assessed value resulting from the development, redevelopment, or rehabilitation occurs and continues for the following two (2) years. The amount of the deduction that a property owner may receive with respect to real property located in a county for a particular year equals the lesser of:

(1) two million dollars ($2,000,000); or

(2) the product of:

(A) the increase in assessed value resulting from the development, rehabilitation, or redevelopment; multiplied by

(B) the percentage from the following table:

 

YEAR OF DEDUCTION

PERCENTAGE

 

1st

75%

 

2nd

50%

 

3rd

25%

     (d) A property owner that qualifies for the deduction under this section must file a notice to claim the deduction. The township assessor, or the county assessor if there is no township assessor for the township, shall:

(1) inform the county auditor of the real property eligible for the deduction as contained in the notice filed by the taxpayer under this subsection; and

(2) inform the county auditor of the deduction amount.

     (e) The county auditor shall:

(1) make the deductions; and

(2) notify the county property tax assessment board of appeals of all deductions approved;

under this section.

     (f) The amount of the deduction determined under subsection (c)(2) is adjusted to reflect the percentage increase or decrease in assessed valuation that results from:

(1) a reassessment under a county's reassessment plan prepared under IC 6-1.1-4-4.2; or

(2) an annual adjustment under IC 6-1.1-4-4.5.

     (g) If an appeal of an assessment is approved that results in a reduction of the assessed value of the real property, the amount of the deduction under this section is adjusted to reflect the percentage decrease that results from the appeal.

     (h) The deduction under this section does not apply to a facility listed in IC 6-1.1-12.1-3(e).

As added by P.L.193-2005, SEC.8. Amended by P.L.219-2007, SEC.34; P.L.234-2007, SEC.38; P.L.3-2008, SEC.38; P.L.146-2008, SEC.130; P.L.112-2012, SEC.29; P.L.148-2015, SEC.8; P.L.86-2018, SEC.46.

 

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