Sec. 17. (a) A person may apply for an assessed valuation deduction for: (1) real property; and (2) personal property; located in an area designated as a brownfield revitalization zone. (b) An application for a deduction for an improvement to a brownfield revitalization zone or personal property located in a brownfield revitalization area must: (1) be submitted to the designating body before the date that the improvement is initiated or, if the deduction is for personal property, the property is brought into the area; (2) contain sufficient information for the designating body to approve the deduction; and (3) be submitted in the form prescribed by the department of local government finance.
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