Indiana Code 36-7-17-11. Retention of deed by unit; property deemed municipal property; tax exemption
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Terms Used In Indiana Code 36-7-17-11
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 11. Property acquired or held under this chapter with retention of the deed by the unit is considered property of the unit held for municipal purposes and is exempt from property taxation. This property tax exemption becomes effective on the date of conveyance to the unit. A petition to cancel taxes or a certified application for exemption is not required for property acquired or held under this chapter.
[Pre-Local Government Recodification Citation: 18-7-21-10.]
As added by Acts 1981, P.L.309, SEC.36.