Sec. 21.1. (a) This section applies only to a lease entered into or renewed after June 30, 2023, for real property that is:
(1) assessed as residential or commercial land under the real property assessment rules and guidelines of the department of local government finance; or
(2) used for educational, literary, scientific, religious, or charitable purposes by a nonprofit corporation, organization, or association exempt from federal income taxation under Section 501 of the Internal Revenue Code.
(b) The lessor shall disclose in the lease that:
(1) the property is located near a military installation, within a state area of interest (as defined in IC 36-7-30.2-6), and may be impacted to some degree by the effects of the installation's military operations; and
(2) local laws may restrict use and development of the property to promote compatibility with military installation operations.