Section 50 IAC 28-3-2 - Application for residence in inventory deductionAuthority: IC 6-1.1-12.8-8
Affected: IC 6-1.1-12.8
Sec. 2.
(a) A residential builder that owns a qualified residence in inventory must file a claim for the deduction with the county auditor on the form prescribed by the department of local government finance for each assessment date for which the person wishes to receive the deduction. (b) The form must be verified under the penalties for perjury and contain all of the following information: (1) The assessed values of the real property for which the person is claiming the residence in inventory deduction. (2) The full name and complete business address of the person claiming the residence in inventory deduction. (3) The complete address and a brief description of the real property for which the person is claiming the residence in inventory deduction. (4) The name of any other county in which the person has applied for a residence in inventory deduction for that assessment date. (5) The complete address and a brief description of any other real property for which the person has applied for a residence in inventory deduction for that assessment date. (6) An affirmation by the person that he or she is not receiving more than three (3) residence in inventory deductions, including the deduction being applied for, either as: (A) the owner of the residence in inventory; or (B) an owner that is part of an affiliated group. (7) An affirmation that the real property has not been leased and will not be leased for any purpose during the term of the deduction. (c) The assessing official must verify each statement in the claim for the residence in inventory deduction. (d) The county auditor must approve the residence in inventory deduction and notify the county property tax assessment board of appeals of all approved deductions. (e) The county auditor with whom the claim is filed must immediately prepare and transmit a copy of the claim to the auditor of any other county if the person owns or is buying a residence in inventory in the other county. (f) The county auditor receiving the copy of the claim described in subsection (e) must note on the copy whether the property owner has claimed a deduction for the current year for a residence in inventory in that county. The county auditor must then return the copy of the statement to the auditor who sent the copy. Department of Local Government Finance; 50 IAC 28-3-2; filed Sep 18, 2012, 2:20 p.m.: 20121017-IR-050120382FRA