Indiana Code 6-1.1-31.5-2.5. Improvements; application of deductions and exemptions
Current as of: 2023 | Check for updates
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Sec. 2.5. (a) Except as provided in subsection (b), for purposes of attributing the amount of:
(2) an economic revitalization area deduction under IC 6-1.1-12.1;
(1) a property tax deduction under IC 6-1.1-12;
Terms Used In Indiana Code 6-1.1-31.5-2.5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) an investment deduction under IC 6-1.1-12.4; or
(4) a property tax exemption under IC 6-1.1-10;
to the gross assessed value of a property, a deduction or exemption described in subdivisions (1) through (4) that is specific to an improvement shall be applied only to the assessed value allocation pertaining to that improvement.
(b) To the extent that a deduction or exemption amount is not specific to an improvement, the deduction or exemption amount shall be applied to the gross assessed value of the property in the order that will maximize the benefit of the deduction or exemption to the taxpayer.
As added by P.L.257-2019, SEC.64.