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.
Structure Indiana Code
6-1.1-12.1-0.3. Legalization of Designation of Economic Revitalization Area Before February 1, 1991
6-1.1-12.1-4. Annual Deduction; Amount; Percentage; Period of Deduction; Effect of Reassessment
6-1.1-12.1-4.1. Application of Sections; Residentially Distressed Areas; Deduction Allowed
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
6-1.1-12.1-5.1. Application; Compliance With Statement of Benefits
6-1.1-12.1-5.6. Compliance With Statement of Benefits; Confidentiality of Information
6-1.1-12.1-5.8. Waiver of Statement of Benefits
6-1.1-12.1-6. Multiple Deductions Barred
6-1.1-12.1-7. Economic Development Target Area; Designation
6-1.1-12.1-8. Publishing and Filing Deduction Information
6-1.1-12.1-9. Deadline for Approval of Statement of Benefits; Extension
6-1.1-12.1-9.5. Waiver of Noncompliance
6-1.1-12.1-10. Retroactive Approval of Statement of Benefits; Applicability
6-1.1-12.1-11.3. Waiver of Noncompliance
6-1.1-12.1-13. Department of Local Government Finance Rules
6-1.1-12.1-15. Correction of Deduction Errors