Indiana Code 6-1.1-10-16.8. Exemption of the basement area of dwellings located in a flood plain; factors for the exemption
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Sec. 16.8. (a) This section applies to a dwelling or other building that is situated in a special flood hazard area as designated by the Federal Emergency Management Agency in which the mandatory purchase of flood insurance applies.
(1) the basement floor level has been elevated to mitigate the risk of flooding; and
(b) The basement of a dwelling or other building described in subsection (a) is exempt from property taxation if:
Terms Used In Indiana Code 6-1.1-10-16.8
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) as a result, the basement is rendered unusable as living space.
As added by P.L.249-2015, SEC.11.