Indiana Code 32-31-1-21.1. Disclosure of property near a military installation
Current as of: 2023 | Check for updates
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Sec. 21.1. (a) This section applies only to a lease entered into or renewed after June 30, 2023, for real property that is:
(2) used for educational, literary, scientific, religious, or charitable purposes by a nonprofit corporation, organization, or association exempt from federal income taxation under Section 501 of the Internal Revenue Code.
(1) assessed as residential or commercial land under the real property assessment rules and guidelines of the department of local government finance; or
Terms Used In Indiana Code 32-31-1-21.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(b) The lessor shall disclose in the lease that:
(1) the property is located near a military installation, within a state area of interest (as defined in IC 36-7-30.2-6), and may be impacted to some degree by the effects of the installation’s military operations; and
(2) local laws may restrict use and development of the property to promote compatibility with military installation operations.
As added by P.L.43-2023, SEC.2.