Rehabilitated property; duration of deduction
Sec. 23. The deduction from assessed value provided by section
22 of this chapter is first available after the first assessment date
following the rehabilitation and shall continue for the taxes first due
and payable in the following five (5) years. In the sixth (6th) year,
the county auditor shall add the amount of the deduction to the
assessed value of the property. Any 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.) As amended by P.L.129-2001,
SEC.4.
Last modified: May 28, 2006