Ind. Code ch. 6-1.1-47

in effect

Ind. Code § 6-1.1-47-1 Definitions

Sec. 1. The following definitions apply throughout this chapter: (1) "Eligible transfer of real property" means the transfer of an item of real property by a transferring entity under any of the following statutes: (A) IC 36-7-14-22.5. (B) IC 36-7-15.1-15.5. (C) IC 36-7-38. (2) "Land bank" has the meaning set forth in IC 36-7-38-1. (3) "Redevelopment commission" includes: (A) a redevelopment commission established under IC 36-7-14; and (B) a metropolitan development commission established under IC 36-7-15.1. (4) "Transferring entity" means: (A) a land bank; or (B) a redevelopment commission. As added by P.L.110-2017, SEC.2.

Ind. Code § 6-1.1-47-2 Adoption of ordinance

Sec. 2. (a) A county fiscal body of a county in which a transferring entity is authorized to operate may adopt an ordinance to have this chapter apply in the county. (b) An ordinance adopted under this section must specify the percentage of property tax revenue that is to be allocated to transferring entities under this chapter. The percentage must be at least twenty-five percent (25%) and at most fifty percent (50%). (c) If a county fiscal body wishes to adopt an ordinance under this section, the county fiscal officer shall, in addition to any other notices required for the adoption of an ordinance, issue a notice to the fiscal officer of each taxing unit that would be affected by the adoption of the ordinance at least twenty-one (21) days before the date on which the county fiscal body intends to hold a hearing on the proposed ordinance. (d) After the county fiscal body hears the public testimony on the proposed ordinance, the county fiscal body may adopt an ordinance to have this chapter apply in the county. As added by P.L.110-2017, SEC.2.

Ind. Code § 6-1.1-47-3 Change of allocation percentage

Sec. 3. If an ordinance adopted under section 2 of this chapter is in effect in a county, subject to the requirements of section 2 of this chapter, the county fiscal body may adopt an ordinance changing the percentage of property tax revenue that is to be allocated to transferring entities under this chapter. As added by P.L.110-2017, SEC.2.

Ind. Code § 6-1.1-47-4 Rescission of ordinance

Sec. 4. If an ordinance adopted under section 2 of this chapter is in effect in a county, the county fiscal body may rescind the ordinance. As added by P.L.110-2017, SEC.2.

Ind. Code § 6-1.1-47-5 Effective dates of ordinances

Sec. 5. An ordinance adopted under this chapter is effective January 1 of the year following the year in which the ordinance is adopted. As added by P.L.110-2017, SEC.2.

Ind. Code § 6-1.1-47-6 Annual reports to county auditor

Sec. 6. (a) If an ordinance adopted under section 2 of this chapter is in effect in a county for a year, each transferring entity that is located in the county shall transmit a report to the county auditor before February 1 of the assessment year in the manner prescribed by the county auditor that provides the information specified in subsection (b) for each eligible transfer of real property by the transferring entity: (1) on or after the later of: (A) the date on which the ordinance adopted under section 2 of this chapter became effective in the county; or (B) January 1 of the fifth year immediately preceding the year in which the report is due; and (2) before January 1 of the year in which the report is due. (b) For each eligible transfer of real property included in a report required under subsection (a), a transferring entity shall furnish the following information: (1) The date on which the real property was transferred. (2) The person to whom the transferring entity transferred the real property. (3) The street address of the real property, if any. (4) The key number of the real property. As added by P.L.110-2017, SEC.2.

Ind. Code § 6-1.1-47-7 Allocation of property taxes

Sec. 7. (a) For each year in which an ordinance adopted under section 2 of this chapter is in effect in a county, for each list submitted by a transferring entity under section 6 of this chapter, the county auditor shall allocate the property taxes collected for the items of real property on the list as follows: (1) The percentage specified in an ordinance adopted under section 2 or 3 of this chapter, as applicable, to the transferring entity. (2) One hundred percent (100%) minus the percentage described in subdivision (1) to the respective taxing districts in which the properties are located. Subject to annual appropriation by the county fiscal body, the county auditor shall distribute amounts allocated under subdivision (1) to the transferring entity at the same time other property taxes are apportioned and distributed. The county auditor shall apportion and distribute the amounts allocated to a taxing district under subdivision (2) among the taxing units of that taxing district in the same manner and at the same time as other property taxes are apportioned and distributed. (b) If an item of real property is listed on more than one (1) list that the county auditor receives under section 6 of this chapter, the county auditor shall make the allocation required under subsection (a)(1) to the transferring entity that transferred the item of real property most recently. As added by P.L.110-2017, SEC.2.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/6Fetched: 10/17/2026