ALLOCATION OF PROPERTY TAXES PAID ON PROPERTY TRANSFERRED BY CERTAIN ENTITIES

Indianapolis-Marion County Revised Code tit. I, ch. 231, art. VI

in effect

Indianapolis-Marion County Revised Code § 231-601 Definitions.

Sec. 231-601. - Definitions. The following definitions apply throughout this chapter: Eligible transfer of real property means the transfer of an item of real property by a transferring entity under either of the following statutes: (1) IC 36-7-15.1-15.5. (2) IC 36-7-38. Land bank has the meaning set forth in IC 36-7-38-1. Redevelopment commission includes a metropolitan development commission established under IC 36-7-15.1. Transferring entity means a redevelopment commission. (G.O. 64, 2017, § 1)

Indianapolis-Marion County Revised Code § 231-602 Establishment of program and percentage of property tax revenue allocated to transferring entities.

Sec. 231-602. - Establishment of program and percentage of property tax revenue allocated to transferring entities. Pursuant to IC 6-1.1-47-2(a), the council, as the county fiscal body, hereby establishes that IC 6-1.1-47 shall apply to the Consolidated City and County, effective January 1, 2018. Pursuant to IC 6-1.1-47-2(b), the percentage of property tax revenue to be allocated to transferring entities is hereby set at fifty (50) percent. (G.O. 64, 2017, § 1)

Indianapolis-Marion County Revised Code § 231-603 Report to county auditor.

Sec. 231-603. - Report to county auditor. (a) Each transferring entity that is located in the county shall transmit a report to the county auditor before February 1 of the assessment year in the manner prescribed by the county auditor that provides the information specified in subsection (b) for each eligible transfer of real property by the transferring entity: (1) On or after the later of: a. The date on which this ordinance became effective in the county; or b. January 1 of the fifth year immediately preceding the year in which the report is due; and (2) Before January 1 of the year in which the report is due. (b) For each eligible transfer of real property included in a report required under subsection (a), a transferring entity shall furnish the following information: (1) The date on which the real property was transferred; (2) The person to whom the transferring entity transferred the real property; (3) The street address of the real property, if any; and (4) The key number of the real property. (G.O. 64, 2017, § 1)

Indianapolis-Marion County Revised Code § 231-604 Allocation of property taxes by county auditor.

Sec. 231-604. - Allocation of property taxes by county auditor. (a) For each list submitted by a transferring entity under section 231-603, the county auditor shall allocate the property taxes collected for the items of real property on the list as follows: (1) The percentage specified in section 231-602, to the transferring entity. (2) One hundred (100) percent minus the percentage described in subdivision (1) to the respective taxing districts in which the properties are located. Subject to annual appropriation by the county fiscal body, the county auditor shall distribute amounts allocated under subdivision (1) to the transferring entity at the same time other property taxes are apportioned and distributed. The county auditor shall apportion and distribute the amounts allocated to a taxing district under subdivision (2) among the taxing units of that taxing district in the same manner and at the same time as other property taxes are apportioned and distributed. (b) If an item of real property is listed on more than one (1) list that the county auditor receives under section 231-603, the county auditor shall make the allocation required under subsection (a)(1) to the transferring entity that transferred the item of real property most recently. (G.O. 64, 2017, § 1)

Indianapolis-Marion County Revised Code § 231-605 Land bank fund and maximum balance.

Sec. 231-605. - Land bank fund and maximum balance. (a) The land bank fund is hereby established. It shall be a continuing sub-fund of the redevelopment general fund, with the balances remaining therein at the end of each calendar year, and no such balances shall lapse or be transferred into any separate fund, subject to subsection (b). The property taxes allocated to the transferring entity under this article shall be deposited in the land bank fund and used exclusively for the costs of maintenance and upkeep of land bank properties and related public infrastructure improvements. (b) At the end of each calendar year, the land bank fund shall have a maximum fund balance of one million dollars ($1,000,000.00). (G.O. 64, 2017, § 1)

Source: Consolidated City of Indianapolis and Marion County, Revised Code (Municode Library, library.municode.com)URL: https://library.municode.com/in/indianapolis_-_marion_county/codes/code_of_ordinances?nodeId=TITIORAD_CH231DEMEDE_ARTVIALPRTAPAPRTRCEENFetched: 10/27/2026