Section 36-7-32.5-15 - Agreement with taxpayer; exemption of property from taxation(a) An executive or the corporation may enter into a written agreement with a taxpayer who owns, or is otherwise obligated to pay property taxes on, tangible property that is or will be located in an allocation area established under this chapter in which the taxpayer waives review of any assessment of the taxpayer's tangible property that is located in the allocation area for an assessment date that occurs during the term of any specified bond or lease obligations that are payable, in whole or in part, from property taxes in accordance with an allocation provision for the allocation area and any applicable statute, ordinance, or resolution.(b) Except as provided in subsection (c), but notwithstanding any other law, an executive or the corporation may exempt from taxation any tangible real property improvements or personal property, or a part of real property improvements or personal property, that: (1) in the case of real property improvements, is assessed as commercial or industrial property under the rules of the department of local government finance;(2) is located within the innovation development district; and(3) was: (A) in the case of real property improvements, constructed; and(B) in the case of personal property, first entered into service; after the date that the innovation development district was designated under section 9 of this chapter.
The executive, or the corporation, as applicable, shall notify the county assessor and county auditor of the county in which the real property improvement or personal property is located of an exemption provided under this subsection. An executive who provided an exemption, or the corporation, if the corporation provided the exemption, may terminate the exemption by providing notice to the county assessor and county auditor of the county in which the real property improvement or personal property is located. An exemption, or the termination of an exemption, is effective beginning with the assessment date that immediately follows the date that the notice required under this subsection is provided by the executive or the corporation.
(c) An executive and the corporation may not exempt from taxation any real property improvements or personal property described in subsection (b) after any bonds have been issued by the Indiana finance authority under IC 5-1.2-4-4(a)(2) that are payable from revenues deposited in a local innovation development district fund established under section 19 of this chapter as long as the bonds remain outstanding.Added by P.L. 135-2022,SEC. 28, eff. 7/1/2022.