Section 50 IAC 28-5-3 - TerminationAuthority: 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. Department of Local Government Finance; 50 IAC 28-5-3; filed Sep 18, 2012, 2:20 p.m.: 20121017-IR-050120382FRA