Condominium Act. the Statute ... for Community Associations, HOA

What Condominium Act. the Statute ... for Community Associations, HOA's governing documents say

This is an excerpt from Indiana state statutes (not a community's governing documents) explaining the property tax exemption rules for common areas and tangible personal property in homeowners associations. It does not bind residents or owners directly but informs associations and their legal counsel about tax exemptions available for common areas and association-owned personal property.

• Common area tax exemption: Common areas in a residential development — land and improvements legally reserved for the exclusive use of all lot owners — may be exempt from property tax if the easements and covenants are recorded and notice is provided to the county assessor.
• Definition of common area: A common area is a parcel of land (including lakes, ponds, streets, sidewalks, parks, trails, pools, clubhouses, etc.) that cannot be transferred for value without majority or all lot owner approval and is not a home or home-building lot.
• Personal property exemption for HOAs: Tangible personal property owned by a homeowners association and held for the use, benefit, or enjoyment of its members is exempt from property tax for assessment dates after December 31, 2015.
• What this document doesn't cover: This is a legal statute, not a community's declaration or rules. It does not contain any specific community rules about leasing, pets, fees, architectural review, age restrictions, or other typical homeowner obligations.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.