Ind. Code ch. 6-1.1-46

in effect

Ind. Code § 6-1.1-46-1 Definitions

Sec. 1. The following definitions apply throughout this chapter: (1) "Deduction allowance period" for a county means the period: (A) beginning on January 1 of the year immediately following the year in which the county fiscal body adopts an ordinance under section 2 of this chapter to have this chapter apply in the county; and (B) ending on January 1 of the year immediately following the year in which the fifth anniversary of the termination date of the eligible transfer period occurs, if the county fiscal body has adopted an ordinance specifying the termination date of the eligible transfer period under section 4 of this chapter. (2) "Eligible transfer period" for a county means the period: (A) beginning on the date the county fiscal body adopts an ordinance under section 2 of this chapter to have this chapter apply in the county; and (B) ending on the termination date specified in an ordinance adopted by the county fiscal body under section 4 of this chapter, if any. (3) "Land bank" has the meaning set forth in IC 36-7-38-1. As added by P.L.110-2017, SEC.1.

Ind. Code § 6-1.1-46-2 Adoption of ordinance

Sec. 2. (a) A county fiscal body of a county in which a land bank is established may adopt an ordinance to have this chapter apply in the county. (b) An ordinance adopted under this section must specify the percentage of assessed valuation to use in computing the deduction provided by this chapter. The percentage must be at least twenty-five percent (25%) and at most fifty percent (50%). (c) If a county fiscal body wishes to adopt an ordinance under this section, the county fiscal officer shall, in addition to any other notices required for the adoption of an ordinance, issue a notice to the fiscal officer of each taxing unit that would be affected by the adoption of the ordinance at least twenty-one (21) days before the date on which the county fiscal body intends to hold a hearing on the proposed ordinance. (d) After the county fiscal body hears the public testimony on the proposed ordinance, the county fiscal body may adopt an ordinance to have this chapter apply in the county. As added by P.L.110-2017, SEC.1.

Ind. Code § 6-1.1-46-3 Change of deduction percentage

Sec. 3. If an ordinance adopted under section 2 of this chapter is in effect in a county, subject to the requirements of section 2 of this chapter, the county fiscal body may adopt an ordinance that changes the percentage of assessed valuation to use in computing the deduction provided by this chapter. As added by P.L.110-2017, SEC.1.

Ind. Code § 6-1.1-46-4 Termination of eligible transfer period

Sec. 4. (a) If an ordinance adopted under section 2 of this chapter is in effect in a county, the county fiscal body may adopt an ordinance specifying the date on which the eligible transfer period is to terminate. (b) If a county fiscal body has adopted an ordinance under subsection (a), the ordinances adopted under this chapter expire on January 1 of the year immediately following the year in which the fifth anniversary of the termination date of the eligible transfer period occurs. As added by P.L.110-2017, SEC.1.

Ind. Code § 6-1.1-46-5 Deduction

Sec. 5. If an ordinance adopted under section 2 of this chapter is in effect in a county, a person to whom a land bank transfers real property in a county during the eligible transfer period is entitled to a deduction from the assessed value of the real property for each of the five (5) consecutive years immediately following the year in which the land bank transfers the real property to the person in an amount equal to: (1) the percentage specified in an ordinance adopted under section 2 or 3 of this chapter, as applicable; multiplied by (2) the assessed value of the property transferred by the land bank to the person. As added by P.L.110-2017, SEC.1.

Ind. Code § 6-1.1-46-6 Annual reports to county auditor

Sec. 6. (a) If an ordinance adopted under section 2 of this chapter is in effect in a county, each land bank that is located in the county shall transmit a report to the county auditor before February 1 of each assessment year in the deduction allowance period in the manner prescribed by the county auditor that provides the information specified in subsection (b) for each property transferred by the land bank: (1) after the later of: (A) the date on which the eligible transfer period began; or (B) January 1 of the fifth year immediately preceding the year in which the report is due; and (2) before the earlier of: (A) the termination date of the eligible transfer period as specified in an ordinance adopted under section 4 of this chapter, if any; or (B) January 1 of the year in which the report is due. (b) For each item of real property included in a report required under subsection (a), a land bank shall furnish the following information: (1) The date on which the real property was transferred. (2) The person to whom the land bank transferred the real property. (3) The street address of the real property, if any. (4) The key number of the real property. As added by P.L.110-2017, SEC.1.

Ind. Code § 6-1.1-46-7 List of properties eligible for the deduction

Sec. 7. (a) This section applies if an ordinance adopted under section 2 of this chapter is in effect in a county. (b) Each year in a county's deduction allowance period, for each report received from a land bank under section 6 of this chapter, the county auditor shall prepare a list of those properties described in the report that, on January 1 of the year, continued to be owned by the person to whom the real property was transferred by the land bank. As added by P.L.110-2017, SEC.1.

Ind. Code § 6-1.1-46-8 Administration of the deduction

Sec. 8. A taxpayer who is eligible for the deduction provided by this chapter is not required to take any action in order to receive the deduction. A county auditor shall apply the appropriate deduction to the assessed values of the eligible properties based on the information received from the land banks in the county under section 6 of this chapter and other information available to the county auditor. As added by P.L.110-2017, SEC.1.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/6Fetched: 10/17/2026