Sec. 17. (a) A person may apply for an assessed valuation deduction for:
(1) real property; and
(2) personal property;
located in an area designated as a brownfield revitalization zone.
(b) An application for a deduction for an improvement to a brownfield revitalization zone or personal property located in a brownfield revitalization area must:
(1) be submitted to the designating body before the date that the improvement is initiated or, if the deduction is for personal property, the property is brought into the area;
(2) contain sufficient information for the designating body to approve the deduction; and
(3) be submitted in the form prescribed by the department of local government finance.