Sec. 4. (a) A county fiscal body may adopt an ordinance providing that a deduction applies to the assessed value of qualified personal property located in the county. The deduction is equal to one hundred percent (100%) of the assessed value of qualified personal property located in the county for each calendar year specified in the ordinance. An ordinance adopted under this section must be adopted before January 1 of the first assessment year for which a taxpayer may claim a deduction under the ordinance.

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Terms Used In Indiana Code 6-1.1-12.7-4

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Personal property: All property that is not real property.
  • Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
  • qualified personal property: means personal property that is:

    Indiana Code 6-1.1-12.7-3

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) An ordinance adopted under subsection (a) must specify the number of assessment years that a deduction is allowed under this chapter. However, a deduction may not be allowed for:

(1) less than two (2) assessment years; or

(2) more than ten (10) assessment years.

     (c) The fiscal body shall send a certified copy of the ordinance adopted under subsection (a) to the county assessor, the county auditor, and the Indiana economic development corporation. Subject to this chapter, the fiscal body’s determination of the number of years the deduction is allowed is final and may not be changed.

     (d) An ordinance adopted under subsection (a) may not allow a deduction for qualified personal property installed after March 1, 2015.

As added by P.L.113-2010, SEC.28.

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