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 economic revitalization areas that
are residentially distressed areas. The amount of the deduction that
a property owner is entitled to receive under section 3 of this chapter
for a particular year equals the lesser of:
(1) the assessed value of the improvement to the property after
the rehabilitation or redevelopment has occurred; or
(2) the following amount:
TYPE OF DWELLING AMOUNT
One (1) family dwelling . . . . . . . . . . . . . . . . . . . . . . . . $74,880
Two (2) family dwelling . . . . . . . . . . . . . . . . . . . . . . $106,080
Three (3) unit multifamily dwelling . . . . . . . . . . . . . $156,000
Four (4) unit multifamily dwelling . . . . . . . . . . . . . . $199,680
As added by P.L.56-1988, SEC.5. Amended by P.L.3-1989, SEC.36;
P.L.65-1993, SEC.4; P.L.6-1997, SEC.58; P.L.20-2004, SEC.9.
Last modified: May 28, 2006