Indiana Code
Chapter 32.5. Innovation Development Districts
36-7-32.5-14. Allocation of Tax Proceeds; Allocation of Excess Assessed Value

Sec. 14. (a) An allocation area designated under section 13 of this chapter must:
(1) apply to the entire innovation development district; and
(2) require that any property tax assessed on taxable real and personal property used for commercial or industrial purposes subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes in the innovation development district be allocated and distributed as provided in subsections (b) and (c).
(b) Except as otherwise provided in this section:
(1) the proceeds of the taxes attributable to the lesser of:
(A) the assessed value of the taxable real and personal property for the assessment date with respect to which the allocation and distribution is made; or
(B) the base assessed value;
shall be allocated and, when collected, paid into the funds of the respective taxing units; and
(2) the excess of the proceeds of the property taxes imposed for the assessment date with respect to which the allocation and distribution is made that are attributable to taxes imposed after being approved by the voters in a referendum or local public question conducted after April 30, 2010, not otherwise included in subdivision (1) shall be allocated to and, when collected, paid into the funds of the taxing unit for which the referendum or local public question was conducted.
(c) Except as provided in subsection (d), all the property tax proceeds that:
(1) exceed those described in subsection (b); and
(2) are attributable to the assessed value of taxable real and personal property used for commercial or industrial purposes;
shall be paid into the appropriate local innovation development district fund established by section 19 of this chapter by the county auditor at the same time that the county auditor distributes property taxes to other local units of government under IC 6-1.1-27. Any remaining property tax proceeds that exceed those described in subsection (b) that are not described in subdivision (2) shall be allocated and, when collected, paid into the funds of the respective taxing units.
(d) Notwithstanding any other law, each assessor shall, upon petition of an executive or the corporation, reassess the taxable real and personal property situated upon or in, or added to, the innovation development district effective on the next assessment date after the petition.
(e) Notwithstanding any other law, the assessed value of all taxable real and personal property in the innovation development district, for purposes of tax limitation, property tax replacement, and formulation of the budget, tax rate, and tax levy for each political subdivision in which the property is located is the lesser of:
(1) the assessed value of the taxable real and personal property as valued without regard to this section; or
(2) the base assessed value.
As added by P.L.135-2022, SEC.28.