Sec. 4.8. (a) As used in this section, "covered project" means the construction, remodeling, redevelopment, rehabilitation, or repair of any building, structure, or other real property improvement if:
(1) public funds are used by a private person in whole or in part to carry out the project; and
(2) after the completion of the project, the building, structure, or other real property improvement is owned by a private person.
(b) As used in this section, "public funds" has the meaning set forth in IC 5-22-2-23.
(c) As used in this section, "state agency" has the meaning set forth in IC 4-13-1-1(b).
(d) Upon the completion of a covered project, the state agency or political subdivision providing the public funds to carry out the covered project shall provide notice of the completion of the covered project to the county assessor of the county in which the building, structure, or other real property improvement is located.
(e) Notwithstanding the reassessment schedule in the county's reassessment plan under section 4.2 of this chapter, after receiving notice of the completion of a covered project, the county assessor shall reassess the building, structure, or other real property improvement by carrying out a physical inspection of that property. The reassessment required by this subsection must be completed on or before the earlier of:
(1) the date required under the county's reassessment plan; or
(2) January 1 of the year after the year in which the county assessor receives notice of the completion of a covered project.
As added by P.L.205-2016, SEC.1.