Senate Bill No. 218 Summary

• Requires property owners receiving property tax deductions for rehabilitation or redevelopment to repay saved taxes if they cease operations during the deduction period or fail to meet estimated employment numbers.

• Designating bodies must adopt a resolution incorporating repayment provisions and specify the methodology for calculating the amount owed, which the property owner must pay within 60 days of receiving written notice by certified mail.

• Property owners may appeal the designating body's repayment decision to circuit or superior court within 30 days, with the court determining liability within 30 days of filing.

• Repayment obligations are suspended if an appeal is pending and remain suspended until the appeal is finally adjudicated.

• County auditors allocate repaid amounts to each affected taxing unit on a pro rata basis using the same distribution methodology applied to the original property tax deductions.