(a) (1) A homestead used as the taxpayer's principal place of residence that is purchased or constructed on or after January 1, 2001, by a person who is disabled or by a person sixty-five (65) years of age or older shall be assessed for property tax thereafter based on the lower of:
(A) The assessed value as of the date of purchase or construction; or
(B) A later assessed value.
(2) When a person becomes disabled or reaches sixty-five (65) years of age on or after January 1, 2001, the person's homestead that is used as the taxpayer's principal place of residence shall thereafter be assessed based on the lower of:
(A) The assessed value on the person's sixty-fifth birthday;
(B) The assessed value on the date the person becomes disabled; or
(C) A later assessed value.
(3) If a person is disabled or is at least sixty-five (65) years of age and owns a homestead used as the taxpayer's principal place of residence on January 1, 2001, the homestead shall be assessed based on the lower of:
(A) The assessed value on January 1, 2001; or
(B) A later assessed value.
(b) Residing in a nursing home does not disqualify a person from the benefits of subsection (a) of this section.
(c) If a homestead is jointly owned and one (1) of the owners qualifies under subsection (a) of this section, then all owners shall receive the benefits of subsection (a) of this section.
(d) Subsection (a) of this section does not apply to substantial improvements to real property.
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