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36-7-15.1-52. Real property owned by a redevelopment district is exempt; receipts exempt from taxation

IN Code § 36-7-15.1-52 (2019) (N/A)
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Sec. 52. (a) Real property acquired by the redevelopment district is exempt from taxation while owned by the district.

(b) All receipts of the redevelopment district, including receipts from the sale of real property, personal property, and materials disposed of, are exempt from all taxes.

(c) As used in this subsection, "year one" means any calendar year and "year two" means the calendar year following year one. When real property is acquired by the redevelopment district during the period from assessment on the assessment date of year one to the last day of December of year one, the taxes due in year two shall be prorated between the seller and the city. When the proration is made, the auditor shall remove the city's prorated share from the tax duplicate by auditor's correction.

As added by P.L.102-1999, SEC.19. Amended by P.L.192-2002(ss), SEC.183; P.L.245-2015, SEC.28.

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36-7-15.1-51. Application for and acceptance of loans; issuance and sale of bonds; approval of fiscal body and legislative body
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36-7-15.1-53. Resolution or amendment establishing allocation provisions; assessed value of taxable property; funds; allocation of excess assessed value; rules