Rehabilitated property; amount of deduction; limitations
Sec. 22. (a) If the assessed value of property is increased because
it has been rehabilitated and the owner has paid at least ten thousand
dollars ($10,000) for the rehabilitation, the owner is entitled to have
deducted from the assessed value of the property an amount equal to
fifty percent (50%) of the increase in assessed value resulting from
the rehabilitation. The owner is entitled to this deduction annually
for a five (5) year period. However, the maximum deduction which
a property owner may receive under this section for a particular year
is:
(1) one hundred twenty-four thousand eight hundred dollars
($124,800) for a single family dwelling unit; or
(2) three hundred thousand dollars ($300,000) for any other
type of property.
(b) For purposes of this section, the term "property" means a
building or structure which was erected at least fifty (50) years
before the date of application for the deduction provided by this
section. The term "property" does not include land.
(c) For purposes of this section, the term "rehabilitation" means
significant repairs, replacements, or improvements to an existing
structure that are intended to increase the livability, utility, safety, or
value of the property under rules adopted by the department of local
government finance.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.54-1997,
SEC.1; P.L.6-1997, SEC.54; P.L.2-1998, SEC.18; P.L.129-2001,
SEC.3; P.L.90-2002, SEC.112; P.L.20-2004, SEC.8.
Last modified: May 28, 2006