Sec. 23. (a) The deduction from assessed value provided by section 22 of this chapter (before its expiration) is first available after the first assessment date following the rehabilitation and shall continue for the taxes first due and payable in the following five (5) years. In the sixth year, the county auditor shall add the amount of the deduction to the assessed value of the property. Any reassessment under a county's reassessment plan prepared under IC 6-1.1-4-4.2 which occurs within the five (5) year period of the deduction does not affect the amount of the deduction.
(b) This section expires January 1, 2023.
[Pre-1975 Property Tax Recodification Citation: 6-1-10.5-2.]
Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.129-2001, SEC.4; P.L.112-2012, SEC.26; P.L.181-2016, SEC.8; P.L.86-2018, SEC.43.