6-1.1-12.8-0.5. “Affiliated Group”

Sec. 0.5. As used in this chapter, “affiliated group” has the meaning set forth in IC 6-1.1-12.6-0.5. As added by P.L.175-2011, SEC.2.

6-1.1-12.8-1. “Residence in Inventory”

Sec. 1. (a) As used in this chapter, “residence in inventory” means real property that: (1) is not a model residence (as defined in IC 6-1.1-12.6-1); and (2) consists of any of the following that has never been occupied: (A) A single family residence. (B) A single family townhouse. (C) A single family condominium unit. […]

6-1.1-12.8-10. Affiliated Group Limit

Sec. 10. The aggregate number of deductions claimed under this chapter for a particular assessment date by the owners of residences in inventory who are a part of an affiliated group may not exceed three (3). As added by P.L.175-2011, SEC.2.

6-1.1-12.8-2. “Residential Builder”

Sec. 2. As used in this chapter, “residential builder” means a person that builds any of the following for sale in the ordinary course of the person’s trade or business: (1) Single family residences. (2) Single family townhouses. (3) Single family condominium units. As added by P.L.175-2011, SEC.2.

6-1.1-12.8-3. Deduction

Sec. 3. (a) This chapter applies only to a residence in inventory that is first assessed as: (1) a partially completed structure; or (2) a fully completed structure; for the assessment date in 2012 or a later year. (b) Except as provided in subsections (c) and (d) and sections 5 and 6 of this chapter, […]

6-1.1-12.8-4. Required Statement

Sec. 4. (a) A property owner that qualifies for the deduction under this chapter and that desires to receive the deduction must complete and date a statement containing the information required by subsection (b) in the calendar year for which the person desires to obtain the deduction and file the statement with the county auditor […]

6-1.1-12.8-5. Allocation Area; Deduction Disallowed

Sec. 5. A property owner may not receive a deduction under this chapter with respect to a residence in inventory located in an allocation area (as defined in IC 6-1.1-21.2-3). As added by P.L.175-2011, SEC.2.

6-1.1-12.8-6. Restriction on Deductions Under Multiple Statutes

Sec. 6. A property owner that qualifies for a deduction for a year under this chapter and another statute with respect to the same residence in inventory may not receive a deduction under both statutes for the residence in inventory for that year. As added by P.L.175-2011, SEC.2.

6-1.1-12.8-7. Change in Ownership

Sec. 7. (a) If ownership of the residence in inventory changes: (1) a new owner that is a residential builder for which the property is a residence in inventory may claim the deduction under this chapter; and (2) the deduction may not be applied for an assessment date other than the assessment dates to which […]

6-1.1-12.8-8. Voidance of Rules; Residence in Inventory Property Tax Deduction

Sec. 8. The rules of the department of local government finance at 50 IAC 28 concerning procedures governing applications for the residence in inventory property tax deduction established under this chapter are void. The publisher of the Indiana Administrative Code shall remove 50 IAC 28 from the Indiana Administrative Code. As added by P.L.175-2011, SEC.2. […]

6-1.1-12.8-9. Limit on Number of Residences in Inventory

Sec. 9. (a) Subject to section 10 of this chapter, a property owner is entitled to a deduction under this chapter for an assessment date for not more than three (3) residences in inventory in Indiana. (b) The auditor of a county (referred to in this section as the “first county”) with whom a statement […]