(a) If only a part of:(1) a tract or lot of land; or(2) a building;connected to the sewerage system is exempt from general taxation, the rates and charges established under this chapter shall be reduced by a fraction.(b) The fraction to be used under subsection (a) is established by using:(1) the assessed valuation of the part subject to tax as the numerator; and(2) the total assessed value as the denominator.[Pre-1995 Recodification Citation: 13-3-6-7.]As added by P.L.1-1995, SEC.26.
Indiana Legal Code