Indiana Code 6-1.1-6.7-18. Payment upon withdrawal of land; lien
(b) If land that is classified as a filter strip is withdrawn from the classification, the owner shall pay an amount equal to the lesser of:
Terms Used In Indiana Code 6-1.1-6.7-18
- filter strip: refers to a strip or an area of vegetation for removing sediment, organic matter and other pollutants from runoff and wastewater. See Indiana Code 6-1.1-6.7-1
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(A) the total property taxes that, if it were not for the classification, would have been assessed on the land during the lesser of the period of classification or the ten (10) year period immediately preceding the date on which the land is withdrawn from the classification; plus
(B) interest on the property taxes at the rate of ten percent (10%) per year; or
(2) the remainder of:
(A) the withdrawal assessment of the land; minus
(B) the sum of the initial classification assessment of the land and any increase in the initial classification of the land resulting from the subsequent construction of a ditch or levee.
(c) The liability imposed by this section is a lien upon the land withdrawn from the classification. When the amount is collected, the amount shall be paid into the county general fund. If the amount is not paid, the lien shall be treated in the same manner that delinquent taxes on real property are treated.
As added by P.L.55-1991, SEC.1. Amended by P.L.1-1992, SEC.14.