Exclusion of assessed value of tangible property
Sec. 0.5. (a) For purposes of this section, "assessed value" has the
meaning set forth in IC 6-1.1-1-3(a).
(b) The county auditor may exclude and keep separate on the tax
duplicate for taxes payable in a calendar year the assessed value of
tangible property that meets the following conditions:
(1) The assessed value of the property is at least nine percent
(9%) of the assessed value of all tangible property subject to
taxation by a taxing unit (as defined in IC 6-1.1-1-21).
(2) The property is or has been part of a bankruptcy estate that
is subject to protection under the federal bankruptcy code.
(3) The owner of the property has discontinued all business
operations on the property.
(4) There is a high probability that the taxpayer will not pay
property taxes due on the property in the following year.
(c) This section does not limit, restrict, or reduce in any way the
property tax liability on the property.
As added by P.L.291-2001, SEC.206.
Last modified: May 28, 2006