Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 28 - DEDUCTION FOR RESIDENCE IN INVENTORY
Rule 5 - Change in Ownership
Section 5-3 - Termination

Universal Citation: 50 IN Admin Code 5-3

Current through September 18, 2024

Authority: IC 6-1.1-12.8-8

Affected: IC 6-1.1-12.8

Sec. 3.

(a) The deduction allowed for a residence in inventory is terminated if the residence in inventory is transferred after the assessment date of that year but before January 1 of the following year to a person who does not continue to use the property as a residence in inventory.

(b) The county auditor must immediately mail notice of the termination to the former owner, the 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.

(d) A residence in inventory deduction does not apply for a particular assessment date if the residence in inventory is leased for any purpose for any part of the calendar year in which the assessment date occurs.

Disclaimer: These regulations may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.