Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 25 - DEDUCTION FOR MODEL RESIDENCE
Rule 3 - Model Residence Deduction
Section 3-1 - Applicability of model residence deduction
Universal Citation: 50 IN Admin Code 3-1
Current through September 18, 2024
Authority: IC 6-1.1-12.6-9
Affected: IC 6-1.1-12.6
Sec. 1.
(a) The deduction from the assessed value of a model residence described in subsection (b) is applicable only to a model residence that is first assessed as a:
(1) partially completed structure;
or
(2) fully completed structure;
for the assessment date in 2009 or a later year.
(b) An owner of a qualified model residence is entitled to a deduction from the assessed value of the model residence in the amount of fifty percent (50%) of the assessed value of the model residence for:
(1) not more than
one (1) assessment date for which the model residence is assessed as a
partially completed structure;
(2)
the assessment date for which the model residence is first assessed as a fully
completed structure; and
(3) the
two (2) assessment dates that immediately follow the assessment date referred
to in subdivision (2).
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