Section 14-33-22-13 - Fraction of property exempt(a) If only a part of:(1) a tract or lot of land; or(2) a building; connected to the sewerage system is exempt from general taxation, the rates and charges established under this chapter shall be reduced by a fraction.
(b) The fraction to be used under subsection (a) is established by using:(1) the assessed valuation of the part subject to tax as the numerator; and(2) the total assessed value as the denominator.Pre-1995 Recodification Citation: 13-3-6-7.
As added by P.L. 1-1995, SEC.26.