Indiana Code
Chapter 12.1. Deduction for Rehabilitation or Redevelopment of Real Property in Economic Revitalization Areas
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.

Structure Indiana Code

Indiana Code

Title 6. Taxation

Article 1.1. Property Taxes

Chapter 12.1. Deduction for Rehabilitation or Redevelopment of Real Property in Economic Revitalization Areas

6-1.1-12.1-0.3. Legalization of Designation of Economic Revitalization Area Before February 1, 1991

6-1.1-12.1-1. Definitions

6-1.1-12.1-2. Findings by Designating Body; Economic Revitalization Area; Residentially Distressed Area; Conditions; Property Tax Deductions; Fees

6-1.1-12.1-2-b. Findings by Designating Body; Economic Revitalization Area; Residentially Distressed Area; Conditions; Property Tax Deductions; Fees

6-1.1-12.1-2.3. Repealed

6-1.1-12.1-2.5. Economic Revitalization Area; Maps; Boundaries; Resolution; Notice; Determination; Appeal

6-1.1-12.1-2.6. Formal Tax Abatement or Incentive Request for a Project in an Excluded City; Notice and Response

6-1.1-12.1-3. Statement of Benefits; Form; Findings; Period of Deduction; Resolution; Excluded Facilities

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

6-1.1-12.1-4.5. Statement of Benefits; Findings by Designating Body; Deduction Periods, Amounts, and Limitations

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 Designating Body; Deduction Periods, Amounts, and Limitations

6-1.1-12.1-5. Real Property Application; Filing Requirements; Change in Property Ownership; Assessor Review; County Auditor; Determination; Appeal

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; Deduction Amounts and Periods; County Auditor Duties; Appeals; Public and Confidential Records

6-1.1-12.1-5.4. Personal Property Schedule; Filing Requirements; Township Assessor or County Assessor Review; Change in Property Ownership; Appeal

6-1.1-12.1-5.5. Repealed

6-1.1-12.1-5.6. Compliance With Statement of Benefits; Confidentiality of Information

6-1.1-12.1-5.7. Repealed

6-1.1-12.1-5.8. Waiver of Statement of Benefits

6-1.1-12.1-5.9. Determination of Substantial Compliance With Statement of Benefits; Notice of Noncompliance; Hearing; Resolution; Appeal

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. Repealed

6-1.1-12.1-11.3. Waiver of Noncompliance

6-1.1-12.1-12. Repayment of Deduction Falsely Obtained; Appeal; Calculation; Distribution of Repayment

6-1.1-12.1-12.5. Distribution of Reimbursement, Repayment, or Penalty Imposed for Failure to Comply With Requirements

6-1.1-12.1-13. Department of Local Government Finance Rules

6-1.1-12.1-14. Local Government Authority to Impose Fee With Consent of Property Owner; Fee Amount; Distribution

6-1.1-12.1-15. Correction of Deduction Errors

6-1.1-12.1-16. Repealed

6-1.1-12.1-17. Abatement Schedules

6-1.1-12.1-18. Enhanced Abatement for Certain Business Personal Property; Specification of Percentage Amount; Maximum Duration; Review of Compliance With Statement of Benefits