(A) For a building or structure that is rehabilitated, developed or redeveloped in an economic revitalized area, and that meets all other requirements of the applicable state statutes, the property owner shall be entitled to a deduction from the assessed value of the building or structure, not including land, for a period of ten years, if otherwise in full accord with all other terms and provisions of I.C. 6-1.1-12.1-1 through 6-1.1-12.1-6 and with all other terms and provisions of this subchapter.
(B) The amount of the deduction for a particular year equals the product of the increase in assessed value resulting from the rehabilitation or redevelopment multiplied by the applicable percentages hereinafter set forth.
Year of Deduction | Percentage |
Year of Deduction | Percentage |
1st | 100% |
2nd | 95% |
3rd | 80% |
4th | 65% |
5th | 50% |
6th | 40% |
7th | 30% |
8th | 20% |
9th | 10% |
10th | 5% |
(Prior Code, § 3-90) (Council Res. passed 7-17-1987)