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2019 Indiana Code
Title 6. Taxation
Article 1.1. Property Taxes
Chapter 10. Exemptions
6-1.1-10-16.8. Exemption of the basement area of dwellings located in a flood plain; factors for the exemption
Universal Citation: IN Code § 6-1.1-10-16.8 (2019)
IC 6-1.1-10-16.8 Exemption of the basement area of dwellings located in a flood plain; factors for the exemption
Sec. 16.8. (a) This section applies to a dwelling or other building that is situated in a special flood hazard area as designated by the Federal Emergency Management Agency in which the mandatory purchase of flood insurance applies.
(b) The basement of a dwelling or other building described in subsection (a) is exempt from property taxation if:
(1) the basement floor level has been elevated to mitigate the risk of flooding; and
(2) as a result, the basement is rendered unusable as living space.
As added by P.L.249-2015, SEC.11.
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