6-1.1-12.1-5.9. Determination of Substantial Compliance With Statement of Benefits; Notice of Noncompliance; Hearing; Resolution; Appeal
Sec. 5.9. (a) This section does not apply to a deduction under section 3 of this chapter for property located in a residentially distressed area. (b) Not later than forty-five (45) days after receipt of the information described in section 5.1, 5.3(j), or 5.6 of this chapter, the designating body may determine whether the property […]
6-1.1-12.1-3. Statement of Benefits; Form; Findings; Period of Deduction; Resolution; Excluded Facilities
Sec. 3. (a) An applicant must provide a statement of benefits to the designating body. If the designating body requires information from the applicant for economic revitalization area status for use in making its decision about whether to designate an economic revitalization area, the applicant shall provide the completed statement of benefits form to the […]
6-1.1-12.1-4. Annual Deduction; Amount; Percentage; Period of Deduction; Effect of Reassessment
Sec. 4. (a) Except as provided in section 2(i)(4) of this chapter, and subject to section 15 of this chapter, the amount of the deduction which the property owner is entitled to receive under section 3 of this chapter for a particular year equals the product of: (1) the increase in the assessed value resulting […]
6-1.1-12.1-4.1. Application of Sections; Residentially Distressed Areas; Deduction Allowed
Sec. 4.1. (a) Section 4 of this chapter applies to economic revitalization areas that are not residentially distressed areas. (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 […]
6-1.1-12.1-4.5. Statement of Benefits; Findings by Designating Body; Deduction Periods, Amounts, and Limitations
Sec. 4.5. (a) An applicant must provide a statement of benefits to the designating body. The applicant must provide the completed statement of benefits form to the designating body before the hearing specified in section 2.5(c) of this chapter or before the installation of the new manufacturing equipment, new farm equipment, new research and development […]
6-1.1-12.1-4.6. Relocation of New Manufacturing Equipment
Sec. 4.6. (a) A designating body may adopt a resolution to authorize a property owner to relocate new manufacturing equipment for which a deduction is being granted under this chapter. The resolution may provide that the new manufacturing equipment may only be relocated to: (1) a new location within the same economic revitalization area; or […]
6-1.1-12.1-0.3. Legalization of Designation of Economic Revitalization Area Before February 1, 1991
Sec. 0.3. Notwithstanding any other law, a designating body’s actions taken before February 1, 1991, in retroactively designating an economic revitalization area are legalized and validated. As added by P.L.220-2011, SEC.121.
6-1.1-12.1-1. Definitions
Sec. 1. For purposes of this chapter: (1) “Economic revitalization area” means an area which is within the corporate limits of a city, town, or county which has become undesirable for, or impossible of, normal development and occupancy because of a lack of development, cessation of growth, deterioration of improvements or character of occupancy, age, […]
6-1.1-12.1-2. Findings by Designating Body; Economic Revitalization Area; Residentially Distressed Area; Conditions; Property Tax Deductions; Fees
Note: This version of section effective until 7-1-2022. See also following version of this section, effective 7-1-2022. Sec. 2. (a) A designating body may find that a particular area within its jurisdiction is an economic revitalization area. However, the deduction provided by this chapter for economic revitalization areas not within a city or town shall […]