Sec. 28. (a) Subject to this section and section 34 of this chapter, the amount of the deduction which the property owner is entitled to receive under this chapter for a particular year equals the product of:
(1) the increase in the assessed value resulting from the remediation and redevelopment in the zone or the location of personal property in the zone, or both; multiplied by
(2) the percentage determined under subsection (b).
(b) The percentage to be used in calculating the deduction under subsection (a) is as follows:
(1) For deductions allowed over a three (3) year period:
YEAR OF DEDUCTION
PERCENTAGE
1st
100%
2nd
66%
3rd
33%
(2) For deductions allowed over a six (6) year period:
YEAR OF DEDUCTION
PERCENTAGE
1st
100%
2nd
85%
3rd
66%
4th
50%
5th
34%
6th
17%
(3) For deductions allowed over a ten (10) year period:
YEAR OF DEDUCTION
PERCENTAGE
1st
100%
2nd
95%
3rd
80%
4th
65%
5th
50%
6th
40%
7th
30%
8th
20%
9th
10%
10th
5%
(c) 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.
(3) The amount of the deduction may not exceed the limitations imposed by the designating body under section 23 of this chapter.
(4) The amount of the deduction must be proportionally reduced by the proportionate ownership of the property by a person that:
(A) has an ownership interest in an entity that contributed; or
(B) has contributed;
a contaminant (as defined in IC 13-11-2-42) that is the subject of the voluntary remediation, as determined under the written standards adopted by the department of environmental management.
The department of local government finance may adopt rules under IC 4-22-2 to implement this subsection.
As added by P.L.59-1997, SEC.1. Amended by P.L.119-1999, SEC.9; P.L.90-2002, SEC.285; P.L.219-2007, SEC.86; P.L.112-2012, SEC.49; P.L.203-2016, SEC.19; P.L.86-2018, SEC.66.
Structure Indiana Code
Chapter 42. Brownfield Revitalization Zone Tax Abatement
6-1.1-42-1. "Brownfield" Defined
6-1.1-42-2. "Designating Body" Defined
6-1.1-42-3. "Remediation" Defined
6-1.1-42-5. Application for Designation as Brownfield Revitalization Zone
6-1.1-42-6. Statement of Public Benefits
6-1.1-42-7. Powers of Designating Body
6-1.1-42-8. Duties of Designating Body
6-1.1-42-9. Adoption of Resolution
6-1.1-42-10. Publication of Notice
6-1.1-42-11. Review of Statement of Benefits
6-1.1-42-12. Designation of Brownfield Revitalization Zone
6-1.1-42-13. Final Action; Expiration of Designation of Brownfield Revitalization Zone
6-1.1-42-15. Hearing of Appeal
6-1.1-42-17. Application for Assessed Valuation Deduction
6-1.1-42-18. Statement of Benefits for Assessed Valuation Deduction
6-1.1-42-19. Resolution Adopting Deduction
6-1.1-42-20. Notice of Resolution Adoption; Filing Information With Taxing Unit
6-1.1-42-21. Review of Statement of Benefits for Assessed Valuation Deduction
6-1.1-42-22. Approval of Deduction
6-1.1-42-23. Limitation of Property Eligible for Deductions
6-1.1-42-24. Final Action; Granting of Deductions; Expiration
6-1.1-42-25. Appeal of Grant of Deduction
6-1.1-42-26. Hearing of Appeal of Grant of Deduction
6-1.1-42-27. Certified Deduction Application
6-1.1-42-28. Amount of Deduction
6-1.1-42-29. Requirements for Property Owners Filing Deduction Application
6-1.1-42-31. Public Documents and Records; Confidential Information
6-1.1-42-32. Publication and Filing of Deduction Information by Auditor