Indiana Code Title 6. Taxation § 6-1.1-4-47

Sec. 47. (a) This section applies to assessment dates occurring after December 31, 2025.

(b) As used in this section, “affordability restrictions” means restrictions set forth in a ground lease concerning the future sale or transfer of the community land trust improvement owned by a qualified owner that are intended to maintain the continued affordability of the community land trust improvement, including at least the following:

(c) As used in this section, “community land trust” means a nonprofit corporation that meets the following requirements:

(d) As used in this section, “community land trust improvement” means a dwelling unit and associated improvements located on community land trust land that is occupied by a qualified owner as the qualified owner's primary place of residence according to the terms of a ground lease.

(e) As used in this section, “community land trust land” means land owned by a community land trust for the purposes described in subsection (c)(2) and (c)(3).

(f) As used in this section, “ground lease” means a lease entered into between a community land trust and a qualified owner that allows the qualified owner to occupy a community land trust improvement located on community land trust land and includes at least the following:

(g) As used in this section, “qualified owner” means an individual who is a member of a household with annual household income that is not more than eighty percent (80%) of the median household income in the community land trust land's surrounding area, as determined according to the median household income amounts published by the United States Department of Housing and Urban Development at the time the ground lease is entered into.

(h) The assessed value of the land held by a community land trust in an assessment year is equal to the assessed value of the land at the time land was acquired by the community land trust.

(i) For purposes of making a reassessment of a community land trust improvement under section 4.2 of this chapter or an annual adjustment under section 4.5 of this chapter, the assessed value of a community land trust improvement after the initial assessment under this section may not exceed the maximum amount for which the community land trust improvement may be sold or transferred as set forth in the affordability restrictions of the ground lease to which the community land trust improvement is subject.