Section 6-1.1-10-16.8 - Exemption of the basement area of dwellings located in a flood plain; factors for the exemption(a) This section applies to a dwelling or other building that is situated in a special flood hazard area as designated by the Federal Emergency Management Agency in which the mandatory purchase of flood insurance applies.(b) The basement of a dwelling or other building described in subsection (a) is exempt from property taxation if: (1) the basement floor level has been elevated to mitigate the risk of flooding; and(2) as a result, the basement is rendered unusable as living space.Added by P.L. 249-2015, SEC. 11, eff. 5/6/2015, retroactive.