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ATTORNEYS FOR PETITIONER: SANDRA K. BICKEL JOSEPH D. CALDERON ICE MILLER Indianapolis, IN

ATTORNEY FOR RESPONDENT: MARILYN S. MEIGHEN MEIGHEN & ASSOCIATES, P.C. Carmel, IN

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IN THE INDIANA TAX COURT
_____________________________________________________________________ BEDFORD APARTMENTS, An Indiana Limited Partnership, ) ) ) Petitioner, ) ) v. ) Cause No. 49T10-0310-TA-51 ) TAMMIE HARRISON JEAN, in her official ) capacity as SHAWSWICK TOWNSHIP ) ASSESSOR, LAWRENCE COUNTY, ) ) Respondent. ) _____________________________________________________________________ ON APPEAL FROM A FINAL DETERMINATION OF THE INDIANA BOARD OF TAX REVIEW NOT FOR PUBLICATION April 27, 2006 FISHER, J. Bedford Apartments, LP (Bedford) appeals the final determination of the Indiana Board of Tax Review (Indiana Board) valuing its property as of the March 1, 2001 assessment date. The sole issue for the Court to decide is whether the Indiana Board's final determination is erroneous because it failed to apply an economic obsolescence depreciation adjustment to Bedford's property.

FACTS AND PROCEDURAL HISTORY Bedford owns a 56-unit apartment complex (the Complex) in Bedford, Indiana. The Complex, which was constructed in 2000, was designed as a low-income housing development in order to qualify for tax credits pursuant to section 42 of the Internal Revenue Code (the LIHTC Program). 1 Under the LIHTC Program, Bedford is to receive approximately $2.5 million in tax credits to award to investors who provided financing for the project. 2 In exchange for these tax credits, Bedford agreed to rent all of its units to individuals or families who earn 60% or less of the area's median household income, with preference on three

Federal law provides numerous tax incentives to encourage the production of affordable housing for low-income individuals, including the Low Income Housing Tax Credit (LIHTC) Program at issue here. See, generally, 26 U.S.C.

Download Bedford Apts. v. Tammie Harrison, in her official capacity as Shawswick Twp. Ass

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