Indiana Code 6-1.1-12.1-4.1. Application of sections; residentially distressed areas; deduction allowed
(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:
Terms Used In Indiana Code 6-1.1-12.1-4.1
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(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.