IC 6-1.1-10.3-7 (Version b): Repeal or amendment of exemption ordinance

Sec. 7. A county adopting body specified in IC 6-3.6-3-1(a) may repeal or amend an exemption ordinance. However, if a county adopting body repeals or amends an exemption ordinance, any new personal property that was exempt under the exemption ordinance on the date the new personal property was placed into service by a taxpayer remains exempt from property taxation, regardless of whether or not the ownership of the new personal property changes after the date the exemption ordinance is amended or repealed.