Indiana Code Title 6. Taxation § 6-1.1-4-14.1

Sec. 14.1. (a) This section does not apply to land to which section 14 of this chapter applies.

(b) Land may be divided and transferred in equal shares to an adjacent property owner or owners who consent to the transfer of the divided land for no money if:

(c) If land described in subsection (b) has not been transferred by deed to a person who holds the land adjacent to the land described in subsection (b), the land shall be assessed equally to the owner or owners of the adjacent parcel or parcels.  However, the assessed value of the adjacent parcel or parcels shall be adjusted to reflect the assessed value attributable to the adjacent parcel or parcels.

(d) If an assessor and an adjacent property owner fail to agree on the area of land described in subsection (b) that the assessor assesses under subsection (c), the assessor shall have the county surveyor make a survey to determine the amount of land transferred under subsection (b) or assessed under subsection (c).  The assessor shall use the results of the survey under this subsection to adjust the assessed value of the land assessed to the adjacent parcel owner or owners to reflect action taken under this subsection.