Indiana Code 6-1.1-20.6-2.5. “Nonresidential real property”
Current as of: 2023 | Check for updates
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Note: This version of section effective until 1-1-2024. See also following version of this section, effective 1-1-2024.
(1) Real property that:
Sec. 2.5. (a) As used in this chapter, “nonresidential real property” refers to either of the following:
Terms Used In Indiana Code 6-1.1-20.6-2.5
- agricultural land: refers to land assessed as agricultural land under the real property assessment rules and guidelines of the department of local government finance. See Indiana Code 6-1.1-20.6-0.5
- homestead: refers to a homestead that has been granted a standard deduction under Indiana Code 6-1.1-20.6-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- residential property: refers to real property that consists of any of the following:
Indiana Code 6-1.1-20.6-4
(A) is not:
(i) a homestead; or
(ii) residential property; and
(B) consists of:
(i) a building or other land improvement; and
(ii) the land, not exceeding the area of the building footprint or improvement footprint, on which the building or improvement is located.
(2) Undeveloped land in the amount of the remainder of:
(A) the area of a parcel; minus
(B) the area of the parcel that is part of:
(i) a homestead; or
(ii) residential property.
(b) The term does not include agricultural land.
As added by P.L.146-2008, SEC.218.