Deductions for real property located in enterprise zones
Sec. 40. (a) This section applies only to real property that is
located in an enterprise zone established in a county containing a
consolidated city.
(b) The owner of real property described in subsection (a) is
entitled to a deduction under this section if:
(1) an obsolescence depreciation adjustment for either
functional obsolescence or economic obsolescence was allowed
for the property for property taxes assessed in the year
preceding the year in which the owner purchased the property;
(2) the property owner submits an application requesting the
deduction to the fiscal body of the county in which the property
is located; and
(3) the fiscal body of the county approves the deduction.
(c) If a county fiscal body approves a deduction under this section,
it must notify the county auditor of the approval of the deduction.
(d) A deduction may be claimed under this section for not more
than four (4) years. The amount of the deduction under this section
equals:
(1) the amount of the obsolescence depreciation adjustment for
either functional obsolescence or economic obsolescence that
was allowed for the property for property taxes assessed in the
year preceding the year in which the owner purchased the
property; multiplied by
(2) the following percentages:
(A) One hundred percent (100%), for property taxes
assessed in the year in which the owner purchased the
property.
(B) Seventy-five percent (75%), for property taxes assessed
in the year after the year in which the owner purchased the
property.
(C) Fifty percent (50%), for property taxes assessed in the
second year after the year in which the owner purchased the
property.
(D) Twenty-five percent (25%), for property taxes assessed
in the third year after the year in which the owner purchased
the property.
As added by P.L.198-2001, SEC.37.
Last modified: May 28, 2006