Section 50 IAC 25-5-3 - Termination of model residence deductionAuthority: 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.Department of Local Government Finance; 50 IAC 25-5-3; filed Apr 15, 2009, 10:16 a.m.: 20090513-IR-050080755FRA