36-7-38-13. Startup Inventory of Properties
Sec. 13. Within six (6) months after an eligible unit has established a land bank under this chapter, the eligible unit shall furnish the land bank with a list of real property: (1) that is located in the territory of the land bank; (2) for which the eligible unit holds: (A) a tax sale certificate […]
36-7-38-14. Agreements With Purchasers, Lessees, and Other Transferees
Sec. 14. (a) The land bank may, as a condition of the purchase, transfer, or lease, require a person to enter into an agreement that conditions the purchase, transfer, or lease on the person fulfilling one (1) or more of the following terms: (1) If the property is a dwelling, reside in the real property […]
36-7-38-15. Usual Procedures for Disposition of Property Not Applicable
Sec. 15. IC 36-1-11 does not apply to a sale, transfer, or lease of property by the land bank. As added by P.L.211-2016, SEC.1.
36-7-38-16. Prohibited Buyers; Delinquent Taxpayers
Sec. 16. (a) This section applies to the following: (1) A person who owes: (A) delinquent taxes; (B) special assessments; (C) penalties; (D) interest; (E) costs directly attributable to a prior tax sale, if the tax sale occurs before July 1, 2016; or (F) costs attributable to a prior tax sale or tax delinquency, if […]
36-7-38-17. Prohibited Buyers; Unauthorized Foreign Business Associations
Sec. 17. (a) As used in this section, “foreign business association” means a corporation, professional corporation, nonprofit corporation, limited liability company, partnership, or limited partnership that is organized under the laws of another state or another country. (b) A foreign business association may not purchase, receive, or lease property from a land bank unless at […]
36-7-38-18. Employees
Sec. 18. (a) Employees of a land bank are not employees of the eligible unit that established the land bank. (b) The board of a land bank may elect by resolution to provide programs of group health insurance for the land bank’s employees and retired employees as provided under IC 5-10-8-2.6. (c) The board of […]
36-7-38-19. Exemption From Income Taxation
Sec. 19. A land bank’s income is not subject to taxation under IC 6-3-1 through IC 6-3-7. As added by P.L.211-2016, SEC.1.
36-7-38-20. Limitation on Property Tax Exemption for Leased Property
Sec. 20. Notwithstanding IC 6-1.1-10-4, after a land bank acquires title to a parcel of real property, the property tax exemption provided under IC 6-1.1-10-4 terminates for the parcel of real property on the final day of the first uninterrupted forty-eight (48) month period for which the land bank has leased, or offered to lease, […]
36-7-38-21. Transparency
Sec. 21. A land bank is subject to IC 5-14-1.5 (open door law) and IC 5-14-3 (public records law). As added by P.L.211-2016, SEC.1.
36-7-38-22. Audits
Sec. 22. The state board of accounts shall audit the funds and accounts of a land bank as provided under IC 5-11-1-25. As added by P.L.211-2016, SEC.1.