Sec. 34. (a) For purposes of this section, "geothermal energy heating or cooling device" means a device that is installed after December 31, 1981, and is designed to utilize the natural heat from the earth to provide hot water, produce electricity, or generate heating or cooling. (b) The owner of real property, or a mobile home that is not assessed as real property, that is equipped with a geothermal energy heating or cooling device is annually entitled to a property tax deduction. The amount of the deduction equals the remainder of: (1) the assessed value of the real property or mobile home with the geothermal heating or cooling device; minus (2) the assessed value of the real property or mobile home without the geothermal heating or cooling device. (c) The deduction provided by this section applies only if the property owner: (1) owns the real property or mobile home; or (2) is buying the real property or mobile home under contract; on the date the statement is filed under section 35.5 of this chapter. (d) This section applies only to property taxes imposed for an assessment date before January 1, 2025. (e) This section expires January 1, 2027.
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