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IN SB0621
Bill
AI Summary
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Grants property tax exemption for real property in Marion County owned by Indiana nonprofit corporations when acquired for community redevelopment projects in economically distressed areas
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Exemption applies retroactively from January 1, 2018 through January 1, 2022 for properties acquired before January 1, 2019
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Eligible nonprofits are not liable for property taxes, penalties, interest, fees, or other charges on qualified property for assessment dates after December 31, 2012 and before January 1, 2022
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Exemption is automatic and final—no additional applications required from the nonprofit, and county assessors and appeals boards cannot appeal or modify the exemption
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Nonprofits must notify the county assessor within 90 days if they transfer the qualified property; the provision expires July 1, 2022
Legislative Description
Nonprofit property tax exemption. Provides a property tax exemption to a nonprofit corporation that owns real property in Marion County that was acquired for the primary purpose of using the real property as part of a community redevelopment project in an economically distressed area.
Last Action
Public Law 42
4/18/2019