Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 28 - DEDUCTION FOR RESIDENCE IN INVENTORY
Rule 3 - Residence in Inventory Deduction
Section 3-1 - Applicability of residence in inventory deduction
Universal Citation: 50 IN Admin Code 3-1
Current through September 18, 2024
Authority: IC 6-1.1-12.8-8
Affected: IC 6-1.1-12.8
Sec. 1.
(a) The deduction from the assessed value of a residence in inventory described in subsection (b) is applicable only to a residence in inventory that is first assessed as a:
(1) partially completed
structure; or
(2) fully completed
structure;
for the assessment date in 2012 or a later year.
(b) A residential builder that is the owner of a qualified residence in inventory is entitled to a deduction from the assessed value of the residence in inventory in the amount of fifty percent (50%) of the assessed value of the residence in inventory for:
(1) not more than one (1) assessment date for
which the residence in inventory is assessed as a partially completed
structure;
(2) the assessment date
for which the residence in inventory 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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