Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 25 - DEDUCTION FOR MODEL RESIDENCE
Rule 5 - Change of Ownership
Section 5-3 - Termination of model residence deduction
Universal Citation: 50 IN Admin Code 5-3
Current through September 18, 2024
Authority: IC 6-1.1-12.6-9
Affected: IC 6-1.1-12.6
Sec. 3.
(a) The deduction allowed for a model residence is terminated if the model is sold after the assessment date of a particular year but before January 1 of the following year to a person who does not continue to use the property as a model residence.
(b) The county auditor must immediately mail notice of the termination of the deduction to the former owner, the current property owner, and the township assessor, if there is one, or, if not, the county assessor.
(c) The county auditor must:
(1) remove the deduction from the tax
duplicate; and
(2) notify the
county treasurer of the termination of the deduction.
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