1 for municipal purposes for all property owners in the annexed territory.(b) An ordinance adopted under subsection (a) must provide the following:(1) A tax abatement program that is in effect for not more than three (3) taxable years after an annexation occurs.(2) Except single family residential property described by subdivision (3), a tax abatement for all classes of property that does not exceed:(A) seventy-five percent (75%) of a taxpayer's liability in the first year of the abatement program;(B) fifty percent (50%) of a taxpayer's liability in the second year of the abatement program; and(C) twenty-five percent (25%) of a taxpayer's liability in the third year of the abatement program.(3) For a county having a population of more than two hundred fifty thousand (250,000) and less than three hundred thousand (300,000), a tax abatement for single family residential property that does not exceed:(A) ninety percent (90%) of a taxpayer's liability in the first year of the abatement program;(B) eighty percent (80%) of a a tax abatement for single family residential property that does not exceed:(A) ninety percent (90%) of a taxpayer's liability in the first year of the abatement program;(B) eighty percent (80%) of a taxpayer's liability in the second year of the abatement program;(C) sixty percent (60%) of a taxpayer's liability in the third year of the abatement program;(D) forty percent (40%) of a taxpayer's liability in the fourth year of the abatement program; and(E) twenty percent (20%) of a taxpayer's liability in the fifth year of the abatement program.(4) The procedure by which an eligible property owner receives a tax abatement under this section.As added by P.L.379-1987(ss), SEC.13. Amended by P.L.56-1988, SEC.12; P.L.12-1992, SEC.157; P.L.231-1996, SEC.2; P.L.255-1997(ss), SEC.12; P.L.119-2012, SEC.187; P.L.104-2022, SEC.157.
Indiana Legal Code