Prior year assessments; notice; bona fide purchasers; lien
exemptions
Sec. 4. (a) Real property may be assessed, or its assessed value
increased, for a prior year under this chapter only if the notice
required by section 1 of this chapter is given within three (3) years
after the assessment date for that prior year.
(b) With respect to real property which is owned by a bona fide
purchaser without knowledge, no lien attaches for any property taxes
which result from an assessment, or an increase in assessed value,
made under this chapter for any period before his purchase of the
property.
(Formerly: Acts 1975, P.L.47, SEC.1.)
Last modified: May 28, 2006