Note: This version of section effective until 1-1-2020. See also following version of this section, effective 1-1-2020.

1. (b) As used in this section, "land in inventory" means:

   1. (1) a lot; or

   2. (2) a tract that has not been subdivided into lots;

      to which a land developer holds title in the ordinary course of the land developer's trade or business.

2. (c) As used in this section, "title" refers to legal or equitable title, including the interest of a contract purchaser.
3. (d) For purposes of this section, land purchased, acquired, or held by a financial institution for one (1) or more of the purposes established under IC 28-1-11-5 (a)(2), IC 28-1-11-5 (a)(3), and IC 28-1-11-5 (a)(4) is considered held for sale in the ordinary course of the financial institution's trade or business.

4. (e) Except as provided in subsections (i) and (j), if:

   1. (1) land assessed on an acreage basis is subdivided into lots; or

   2. (2) land is rezoned for, or put to, a different use;

      the land shall be reassessed on the basis of its new classification.

5. (f) If improvements are added to real property, the improvements shall be assessed.
6. (g) An assessment or reassessment made under this section is effective on the next assessment date.
7. (h) No petition to the department of local government finance is necessary with respect to an assessment or reassessment made under this section.

8. (i) Subject to subsection (j), land in inventory may not be reassessed until the next assessment date following the earliest of:

   1. (1) the date on which title to the land is transferred by:

      1. (A) the land developer; or

      2. (B) a successor land developer that acquires title to the land;

         to a person that is not a land developer;

   2. (2) the date on which construction of a structure begins on the land; or
   3. (3) the date on which a building permit is issued for construction of a building or structure on the land.

9. (j) Subsection (i) applies regardless of whether the land in inventory is rezoned while a land developer holds title to the land.

   [Pre-1975 Property Tax Recodification Citation: 6-1-26-9 part.]

   Formerly: Acts 1975, P.L.47, SEC.1; Acts 1975, P.L.49, SEC.1. As amended by P.L.90-2002, SEC.35; P.L.154-2006, SEC.1; P.L.118-2013, SEC.2.

Sec. 12. (a) As used in this section, "land developer" means a person that holds land for sale in the ordinary course of the person's trade or business. The term includes a financial institution (as defined in IC 28-1-1-3 (1)) if the financial institution's land in inventory is purchased, acquired, or held for one (1) or more of the purposes established under IC 28-1-11-5 (a)(2), IC 28-1-11-5 (a)(3), and IC 28-1-11-5 (a)(4).

As amended by P.L.90-2002, SEC.35; P.L.154-2006, SEC.1; P.L.118-2013, SEC.2.