Sec. 47. (a) This section applies to assessment dates occurring after December 31, 2025. (b) As used in this section, "affordability restrictions" means restrictions set forth in a ground lease concerning the future sale or transfer of the community land trust improvement owned by a qualified owner that are intended to maintain the continued affordability of the community land trust improvement, including at least the following: (1) The community land trust improvement may only be sold to another qualified owner who intends to: (A) use the community land trust improvement as the qualified owner's primary place of residence; and (B) enter into a ground lease with the community land trust. (2) A formula to be used to calculate the sale or transfer price that preserves the continued affordability of the community land trust improvement. (3) A purchase option for the community land trust intended to preserve the continued affordability of the community land trust improvement. (4) The maximum amount for which the community land trust improvement located on the community land trust land may be sold or transferred. (c) As used in this section, "community land trust" means a nonprofit corporation that meets the following requirements: (1) The nonprofit corporation is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code. (2) A primary purpose of the nonprofit corporation is the creation and maintenance of permanently affordable single family or multi-family residences. (3) The nonprofit corporation leases community land trust land on which a community land trust improvement is located to a qualified owner under a ground lease that provides for the qualified owner's use of the community land trust improvement as the qualified owner's primary place of residence. (d) As used in this section, "community land trust improvement" means a dwelling unit and associated improvements located on community land trust land that is occupied by a qualified owner as the qualified owner's primary place of residence according to the terms of a ground lease. (e) As used in this section, "community land trust land" means land owned by a community land trust for the purposes described in subsection (c)(2) and (c)(3). (f) As used in this section, "ground lease" means a lease entered into between a community land trust and a qualified owner that allows the qualified owner to occupy a community land trust improvement located on community land trust land and includes at least the following: (1) Affordability restrictions. (2) Restrictions for resale or transfer of the community land trust improvement. (3) A provision stating that the community land trust retains an interest in the community land trust land. (4) The initial appraised value of the community land trust improvement at the time the lease is entered into or at the time otherwise specified. (5) The monthly fee that the qualified owner must pay to the community land trust for use of the community land trust land. (6) A term of ninety-nine (99) years that may be renewed. (g) As used in this section, "qualified owner" means an individual who is a member of a household with annual household income that is not more than eighty percent (80%) of the median household income in the community land trust land's surrounding area, as determined according to the median household income amounts published by the United States Department of Housing and Urban Development at the time the ground lease is entered into. (h) The assessed value of the land held by a community land trust in an assessment year is equal to the assessed value of the land at the time land was acquired by the community land trust. (i) For purposes of making a reassessment of a community land trust improvement under section 4.2 of this chapter or an annual adjustment under section 4.5 of this chapter, the assessed value of a community land trust improvement after the initial assessment under this section may not exceed the maximum amount for which the community land trust improvement may be sold or transferred as set forth in the affordability restrictions of the ground lease to which the community land trust improvement is subject. IC 6-1.1-5 Chapter 5. Real Property Assessment Records 6-1.1-5-1 Plats 6-1.1-5-2 Index numbering system 6-1.1-5-3 Plats; entry on tax list 6-1.1-5-4 Transfer books 6-1.1-5-5 Change of ownership; partition; apportionment of assessed value and delinquent taxes 6-1.1-5-5.5 Real property interest created from previously existing parcel or parcels; auditor's endorsement; tax lien; apportionment of assessed value and delinquent taxes 6-1.1-5-5.7 Auditor's endorsement required for recording of deed creating interest from previously existing parcel or parcels; effect of noncompliance 6-1.1-5-6 Partition or transfer of real property; transcript of judgment; entry in transfer book 6-1.1-5-7 Heirs or devisees; transfer on tax duplicate 6-1.1-5-8 List of property; delivery to township or county assessor 6-1.1-5-9 Duties and authority of assessors in county containing a consolidated city 6-1.1-5-9.1 Townships of 35,000 or more population; plats and lists 6-1.1-5-10 Tract descriptions; delivery of title papers 6-1.1-5-11 Rules for determining land within tract; required survey 6-1.1-5-12 Repealed 6-1.1-5-13 Personal property return; information relating to real property 6-1.1-5-14 Delivery of real property list 6-1.1-5-15 Assessment registration notices; building permits 6-1.1-5-16 Consolidation of contiguous parcels into single parcel
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