Indiana § 36-7-30-26.5 - Authorization to enter into agreement with a taxpayer for waiver of review of an assessment of property taxes; agreement to pay taxes for portion of outstanding bonds

§ 36-7-30-26.5. Authorization to enter into agreement with a taxpayer for waiver of review of an assessment of property taxes; agreement to pay taxes for portion of outstanding bonds

Sec. 26.5. (a) A reuse authority may enter into a written agreement with a taxpayer who owns, or is otherwise obligated to pay property taxes on, tangible property that is or will be located in an allocation area established under this chapter in which the taxpayer waives review of any assessment of the taxpayer's tangible property that is located in the allocation area for an assessment date that occurs during the term of any specified bond or lease obligations that are payable from property taxes in accordance with an allocation provision for the allocation area and any applicable statute, ordinance, or resolution. An agreement described in this section may precede the establishment of the allocation area or the determination to issue bonds or enter into leases payable from the allocated property taxes.

(b) The original owner of each nonowner occupied residential property subject to the two percent (2%) tax cap, that is located in the tax increment financing area and is excluded from the base assessed value, shall upon completion of construction enter into a written agreement with the reuse authority indicating the owner shall be obligated to pay the property tax for the portion of outstanding bonds in the tax increment financing district attributable to the property until the term length of the original outstanding bond is retired. The written agreement with the reuse authority shall be considered a lien on the property and shall be included as part of the residential real estate sales disclosure under IC 32-21-5. If the property is subsequently sold as a homestead property and becomes subject to the one percent (1%) tax cap, the new owner shall be responsible for the lien on the property attributable to the written agreement with the reuse authority, and the new homestead property owner shall be obligated to fulfill the terms of the written agreement including the payment of the property tax liability included in the agreement. This subsection does not apply to multi-family apartments.

As added by P.L.249-2015, SEC.29. Amended by P.L.157-2026, SEC.256.