Subdivided land; rezoned land; improvements; reassessment
Sec. 12. If land assessed on an acreage basis is subdivided into
lots, the land shall be reassessed on the basis of lots. If land is
rezoned for, or put to, a different use, the land shall be reassessed on
the basis of its new classification. If improvements are added to real
property, the improvements shall be assessed. An assessment or
reassessment made under this section is effective on the next
assessment date. However, if land assessed on an acreage basis is
subdivided into lots, the lots may not be reassessed until the next
assessment date following a transaction which results in a change in
legal or equitable title to that lot. No petition to the department of
local government finance is necessary with respect to an assessment
or reassessment made under this section.
(Formerly: Acts 1975, P.L.47, SEC.1; Acts 1975, P.L.49, SEC.1.) As
amended by P.L.90-2002, SEC.35.
Last modified: May 28, 2006