Sec. 47. (a) This section applies to assessment dates beginning after December 31, 2024. (b) As used in the section, "eligible property" means all property that is subject to the credit for excessive property taxes under IC 6-1.1-20.6-7.5 (a)(2) through IC 6-1.1-20.6-7.5 (a)(4). (c) A taxpayer is entitled to a deduction from the assessed value of the taxpayer's eligible property after the application of any other deductions that apply under this article equal to: (1) six percent (6%) of the taxpayer's assessed value for assessments made in 2025 for property taxes first due and payable in 2026; (2) twelve percent (12%) of the taxpayer's assessed value for assessments made in 2026 for property taxes first due and payable in 2027; (3) nineteen percent (19%) of the taxpayer's assessed value for assessments made in 2027 for property taxes first due and payable in 2028; (4) twenty-five percent (25%) of the taxpayer's assessed value for assessments made in 2028 for property taxes first due and payable in 2029; (5) thirty percent (30%) of the taxpayer's assessed value for assessments made in 2029 for property taxes first due and payable in 2030; and (6) thirty-three and four-tenths percent (33.4%) of the taxpayer's assessed value for assessments made in 2030 for property taxes first due and payable in 2031, and for assessments made in each taxable year thereafter. (d) A taxpayer is not required to file an application to qualify for the deduction established by this section. A county auditor shall apply the deduction to eligible property in the county as set forth in this section. (e) Application of the phased in deduction under this section for assessment dates after December 31, 2024, with regard to mobile homes that are not assessed as real property and manufactured homes not assessed as real property shall be construed and applied in the same manner in terms of timing and consistent with its application for real property. IC 6-1.1-12.1 Chapter 12.1. Deduction for Rehabilitation or Redevelopment of Real Property in Economic Revitalization Areas 6-1.1-12.1-0.3 Legalization of designation of economic revitalization area before February 1, 1991 6-1.1-12.1-1 Definitions 6-1.1-12.1-2 Findings by designating body; economic revitalization area; residentially distressed area; conditions; property tax deductions; fees 6-1.1-12.1-2.3 Repealed 6-1.1-12.1-2.5 Economic revitalization area; maps; boundaries; resolution; notice; determination; appeal 6-1.1-12.1-2.6 Formal tax abatement or incentive request for a project in an excluded city; notice and response 6-1.1-12.1-3 Statement of benefits; form; findings; period of deduction; resolution; excluded facilities 6-1.1-12.1-4 Annual deduction; amount; percentage; period of deduction; effect of reassessment 6-1.1-12.1-4.1 Application of sections; residentially distressed areas; deduction allowed 6-1.1-12.1-4.5 Statement of benefits; findings by designating body; deduction periods, amounts, and limitations 6-1.1-12.1-4.6 Relocation of new manufacturing equipment 6-1.1-12.1-4.7 Deduction for new manufacturing equipment; exemptions 6-1.1-12.1-4.8 Property owner statement of benefits; findings by designating body; deduction periods, amounts, and limitations 6-1.1-12.1-5 Real property application; filing requirements; change in property ownership; assessor review; county auditor; determination; appeal 6-1.1-12.1-5.1 Application; compliance with statement of benefits 6-1.1-12.1-5.3 Deduction application; deadline; required information; deduction amounts and periods; county auditor duties; appeals; public and confidential records 6-1.1-12.1-5.4 Personal property schedule; filing requirements; township assessor or county assessor review; change in property ownership; appeal 6-1.1-12.1-5.5 Repealed 6-1.1-12.1-5.6 Compliance with statement of benefits; confidentiality of information 6-1.1-12.1-5.7 Repealed 6-1.1-12.1-5.8 Waiver of statement of benefits 6-1.1-12.1-5.9 Determination of substantial compliance with statement of benefits; notice of noncompliance; hearing; resolution; appeal 6-1.1-12.1-6 Multiple deductions barred 6-1.1-12.1-7 Economic development target area; designation 6-1.1-12.1-8 Publishing and filing deduction information 6-1.1-12.1-9 Deadline for approval of statement of benefits; extension 6-1.1-12.1-9.5 Waiver of noncompliance 6-1.1-12.1-10 Retroactive approval of statement of benefits; applicability 6-1.1-12.1-11 Repealed 6-1.1-12.1-11.3 Waiver of noncompliance 6-1.1-12.1-12 Repayment of deduction falsely obtained; appeal; calculation; distribution of repayment 6-1.1-12.1-12.5 Distribution of reimbursement, repayment, or penalty imposed for failure to comply with requirements 6-1.1-12.1-13 Department of local government finance rules 6-1.1-12.1-14 Local government authority to impose fee with consent of property owner; fee amount; distribution 6-1.1-12.1-15 Correction of deduction errors 6-1.1-12.1-16 Repealed 6-1.1-12.1-17 Abatement schedules 6-1.1-12.1-18 Enhanced abatement for certain business personal property; specification of percentage amount; maximum duration; review of compliance with statement of benefits
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