Rehabilitated residential property; duration of deduction
Sec. 19. The deduction from assessed value provided by section
18 of this chapter is first available in the year in which the increase
in assessed value resulting from the rehabilitation occurs and shall
continue for the following four (4) years. In the sixth (6th) year, the
county auditor shall add the amount of the deduction to the assessed
value of the real property. A general reassessment of real property
which occurs within the five (5) year period of the deduction does
not affect the amount of the deduction.
(Formerly: Acts 1975, P.L.47, SEC.1.)
Last modified: May 28, 2006