(a) In the event that the Town Council designates an area as an economic revitalization area, the owner of that real property may be entitled to a deduction from the assessed value of the real property in the number of years deemed proper by the Town Council, and consistent with the provisions of Indiana Code 6-1.1-12.1-3, as amended from time to time.

(b) In the event that the Town Council designates an area as an economic revitalization area under the terms of this article and pursuant to the applicable provisions of Indiana Code 6-1.1-12.1-1, et. seq., each as amended from time to time, the amount of the deduction which the property owner is entitled to receive shall be based upon the number of years of property tax deduction benefit approved by the Town Council. Any deduction made shall be further consistent with the provisions of Indiana Code 6-1.1-12.1-4, as amended from time to time, and in conformance with any rules adopted by the State of Indiana Board of Tax Commissioners under the provisions of Indiana Code 4-22-2, et. seq., as amended from time to time. The amount of any deduction for a property owner of economic revitalization areas that are residentially distressed areas are subject to the provisions of Indiana Code 6-1.1-12.1-4.1, as amended from time to time.

(c) Applications may be made to the Town Council for personal property tax deductions for all personal property other than inventory, as defined in Indiana Code 6-1.1-3-11(a), as amended from time to time. Such applications must be made on a form and in a manner approved by the Town Council. An applicant must provide a Statement of Benefits to the Town Council accompanying its application on a form prescribed by the State of Indiana Board of Tax Commissioners. The Designation Application and Statement of Benefits may be incorporated into the same Designation Application if the State of Indiana Board of Tax Commissioners approves the form for the same. The Town Council shall review the Statement of Benefits and Designation Application described herein when determining whether an area should be designated an economic revitalization area or whether the personal property tax deduction shall be allowed based on, and after it has made, the findings required in Indiana Code 6-1.1-12.1-4.5, as amended from time to time. The Town Council may not designate an area an economic revitalization area or approve any requested personal property tax deduction unless it makes the findings required by Indiana Code 6-1.1-12.1-4.5, as amended from time to time, in the affirmative.

(d) In the event that the Town Council designates an area as an economic revitalization area, as applied for, and approves the Statement of Benefits concerning personal property tax deduction in the designated economic revitalization area, the owner of such personal property shall be entitled to the amount of deduction as determined by the Town Council, and consistent with the provisions of Indiana Code 6-1.1-12.1-4.5, as amended from time to time. All procedures for consideration and approval of personal property tax deduction requests shall be in conformance with the provisions of Indiana Code 6-1.1-12.1-4.5, as amended from time to time.

(e) Any property owners for whom such real or personal property tax deduction has been approved by the Town Council after conformance and compliance with all procedures required herein and consistent with applicable provisions of the Indiana Code, shall file a Certified Deduction Application on forms prescribed by the State of Indiana Board of Tax Commissioners with the auditor of Lake County. All such real property or personal property tax deduction applications shall be filed in conformance with the provisions of Indiana Code 6-1.1-12.1-5, as amended from time to time, in order for such deduction or deductions to be provided, and in order for the county auditor to make the appropriate deduction.

(f) All provisions of Indiana Code 6-1.1-12.1-1, et. seq., as amended from time to time, and including provisions pertaining to compliance with the Statement of Benefits, Waiver of Statement of Benefits, determination of substantial compliance with Statement of Benefits, notice of noncompliance, hearing, resolution and appeal, as well as publication and filing of deductions, and limitation on approval of a Statement of Benefits for Deduction, shall be applicable.