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.
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