Indiana Code — Title 6 (Taxation)
IC 6-1.1-12.1-4
Annual deduction; amount; percentage; period of deduction;
effect of reassessment
Sec. 4. (a) Except as provided in section 2(i)(4) of this chapter, and subject to section 15
of this chapter, the amount of the deduction which the property owner is entitled to receive under section 3 of this chapter for a particular year equals the product of:
# (1)
the increase in the assessed value resulting from the rehabilitation or redevelopment; multiplied by
# (2)
the percentage determined under section 17 of this chapter.
(b) The amount of the deduction determined under subsection (a) shall be adjusted in accordance with this subsection in the following circumstances:
(1) If a reassessment under a county's reassessment plan prepared under IC 6-1.1-4-4.2 occurs within the particular period of the deduction, the amount determined under subsection (a)(1) shall be adjusted to reflect the percentage increase or decrease in assessed valuation that resulted from the reassessment.
(2) If an appeal of an assessment is approved that results in a reduction of the assessed value of the redeveloped or rehabilitated property, the amount of any deduction shall be adjusted to reflect the percentage decrease that resulted from the appeal.
The department of local government finance shall adopt rules under IC 4-22-2 to implement this subsection.
As added by Acts 1977, P.L.69, SEC.1. Amended by Acts 1979, P.L.56, SEC.8; Acts 1981, P.L.72, SEC.2; P.L.62-1985, SEC.2; P.L.57-1988, SEC.1; P.L.3-1989, SEC.35;
P.L.332-1989(ss), SEC.11; P.L.65-1993, SEC.3; P.L.4-2000, SEC.5; P.L.90-2002, SEC.119;
P.L.219-2007, SEC.29; P.L.173-2011, SEC.5; P.L.6-2012, SEC.40; P.L.112-2012, SEC.27;
P.L.288-2013, SEC.8; P.L.86-2018, SEC.44.
Amendment history
As added by Acts 1977, P.L.69, SEC.1. Amended by Acts 1979, P.L.56, SEC.8; Acts 1981, P.L.72, SEC.2; P.L.62-1985, SEC.2; P.L.57-1988, SEC.1; P.L.3-1989, SEC.35; P.L.332-1989(ss), SEC.11; P.L.65-1993, SEC.3; P.L.4-2000, SEC.5; P.L.90-2002, SEC.119; P.L.219-2007, SEC.29; P.L.173-2011, SEC.5; P.L.6-2012, SEC.40; P.L.112-2012, SEC.27; P.L.288-2013, SEC.8; P.L.86-2018, SEC.44.
Source: view the official text
Nearby sections (25 sections)
- 6-1.1-12-43 · Residential mortgage transactions; closing agent's duty to
- 6-1.1-12-44 · Sales disclosure form serves as application for certain
- 6-1.1-12-45 · Automatic one year carryover of deductions; limitations;
- 6-1.1-12-46 · Eligibility of transferred property for certain deductions
- 6-1.1-12-47 · Deduction for property subject to the 2% property tax cap
- 6-1.1-12.1-0.3 · Legalization of designation of economic revitalization…
- 6-1.1-12.1-1 · Definitions
- 6-1.1-12.1-2 · Findings by designating body; economic revitalization…
- 6-1.1-12.1-2.3 · Repealed
- 6-1.1-12.1-2.5 · Economic revitalization area; maps; boundaries;…
- 6-1.1-12.1-2.6 · Formal tax abatement or incentive request for a…
- 6-1.1-12.1-3 · Statement of benefits; form; findings; period of…
- 6-1.1-12.1-4 · Annual deduction; amount; percentage; period of…
- 6-1.1-12.1-4.1 · Application of sections; residentially distressed…
- 6-1.1-12.1-4.5 · Statement of benefits; findings by designating body;…
- 6-1.1-12.1-4.6 · Relocation of new manufacturing equipment
- 6-1.1-12.1-4.7 · Deduction for new manufacturing equipment; exemptions
- 6-1.1-12.1-4.8 · Property owner statement of benefits; findings by…
- 6-1.1-12.1-5 · Real property application; filing requirements; change in
- 6-1.1-12.1-5.1 · Application; compliance with statement of benefits
- 6-1.1-12.1-5.3 · Deduction application; deadline; required information;
- 6-1.1-12.1-5.4 · Personal property schedule; filing requirements;…
- 6-1.1-12.1-5.5 · Repealed
- 6-1.1-12.1-5.6 · Compliance with statement of benefits; confidentiality…
- 6-1.1-12.1-5.7 · Repealed