Sec. 5. If an ordinance adopted under section 2 of this chapter is in effect in a county, a person to whom a land bank transfers real property in a county during the eligible transfer period is entitled to a deduction from the assessed value of the real property for each of the five (5) consecutive years immediately following the year in which the land bank transfers the real property to the person in an amount equal to:
(1) the percentage specified in an ordinance adopted under section 2 or 3 of this chapter, as applicable; multiplied by
(2) the assessed value of the property transferred by the land bank to the person.
As added by P.L.110-2017, SEC.1.