Second Regular Session 112th General Assembly (2002)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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SENATE ENROLLED ACT No. 391
AN ACT concerning taxation.
Be it enacted by the General Assembly of the State of Indiana:
SECTION 1. [EFFECTIVE JANUARY 1, 2002 (RETROACTIVE)]
(a) For purposes of this SECTION:
(1) "commission" means a redevelopment commission acting
pursuant to IC 36-7-25; and
(2) "construction in process" means tangible personal
property not placed in service, as defined in rules of the
department of local government finance.
(b) This SECTION applies to a taxpayer that:
(1) is located in a township having a population of more than
one thousand nine hundred (1,900) but less than two thousand
(2,000) located in a county having a population of more than
thirty thousand seven hundred (30,700) but less than
thirty-one thousand (31,000); and
(2) has recorded on its books and records a cost of more than
one hundred ninety million dollars ($190,000,000) of
construction in process subject to assessment for the March
1, 2002, assessment date.
(c) The assessed value of construction in process for the March
1, 2002, assessment date is ten percent (10%) of the cost recorded
on the taxpayer's books and records that is attributable to the
personal property, including all expenses incurred in acquiring or
producing the personal property.
(d) An agreement, or any amendment to an agreement, between
the commission and a taxpayer entered into pursuant to
IC 36-7-25-6 that:
(1) limits the taxpayer's rights to challenge the taxpayer's
assessment, property tax rates, or property taxes, or that
guarantees, enhances, or otherwise further secures bonds or
lease obligations of the commission; and
(2) provides for a property tax lien in favor of the commission
with respect to payments to be made under the agreement;
shall be secured by, treated in the same manner as, and have the
same priority as real property taxes for purposes of IC 6-1.1-22-13.
(e) A property tax lien described in subsection (d) is effective as
of the date the agreement or amendment was executed, without any
further action.
(f) This SECTION expires January 1, 2004.
SECTION 2.
An emergency is declared for this act.