Indiana Code Title 6. Taxation § 6-1.1-4-41

Sec. 41. (a) For purposes of this section, “low income rental property” means real property used to provide low income housing eligible for federal income tax credits awarded under Section 42 of the Internal Revenue Code, including during the time period during which the property is subject to an extended low income housing commitment under Section 42(h)(6)(B) of the Internal Revenue Code.

(b) For assessment dates after February 28, 2006, the true tax value of low income rental property is the greater of the true tax value:

(c) For assessment dates after December 31, 2017, the total true tax value of low income rental property that offers or is used to provide Medicaid assisted living services is equal to the total true tax value that results in a gross annual tax liability equal to five percent (5%) of the total gross rent received from the rental of all living units in the property for the most recent taxpayer fiscal year that ends before the assessment date.  The total true tax value shall not include the gross receipts from, or value of, any assisted living services provided.

(d) The department of local government finance may adopt rules under IC 4-22-2 to implement this section.