Indiana Code — Title 6 (Taxation)
IC 6-1.1-12.1-4.1
Application of sections; residentially distressed areas;
deduction allowed
Sec. 4.1. (a) Section 4 of this chapter applies to economic revitalization areas that are not residentially distressed areas.
(b) This subsection applies to deductions approved before July 1, 2013, for the redevelopment or rehabilitation of property located in economic revitalization areas that are residentially distressed areas. Subject to section 15 of this chapter, the amount of the deduction that a property owner is entitled to receive under section 3 of this chapter for a particular year equals the lesser of:
# (1)
the assessed value of the improvement to the property after the rehabilitation or redevelopment has occurred; or
# (2)
the following amount:
TYPE OF DWELLING AMOUNT
One (1) family dwelling $74,880
Two (2) family dwelling $106,080
Three (3) unit multifamily dwelling $156,000
Four (4) unit multifamily dwelling $199,680
(c) This subsection applies to deductions approved after June 30, 2013, for the redevelopment or rehabilitation of property located in economic revitalization areas that are residentially distressed areas. Subject to section 15 of this chapter, the amount of the deduction the property owner is entitled to receive under section 3 of this chapter in a residentially distressed area 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.
As added by P.L.56-1988, SEC.5. Amended by P.L.3-1989, SEC.36; P.L.65-1993, SEC.4;
P.L.6-1997, SEC.58; P.L.20-2004, SEC.9; P.L.219-2007, SEC.30; P.L.288-2013, SEC.9.
Amendment history
As added by P.L.56-1988, SEC.5. Amended by P.L.3-1989, SEC.36; P.L.65-1993, SEC.4; P.L.6-1997, SEC.58; P.L.20-2004, SEC.9; P.L.219-2007, SEC.30; P.L.288-2013, SEC.9.
Source: view the official text
Nearby sections (25 sections)
- 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- 6-1.1-12.1-2.3 · Repealed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
- 6-1.1-12.1-5.8 · Waiver of statement of benefits