Section 50 IAC 28-3-1 - Applicability of residence in inventory deductionAuthority: IC 6-1.1-12.8-8
Affected: IC 6-1.1-12.8
Sec. 1.
(a) The deduction from the assessed value of a residence in inventory described in subsection (b) is applicable only to a residence in inventory that is first assessed as a: (1) partially completed structure; or (2) fully completed structure; for the assessment date in 2012 or a later year.
(b) A residential builder that is the owner of a qualified residence in inventory is entitled to a deduction from the assessed value of the residence in inventory in the amount of fifty percent (50%) of the assessed value of the residence in inventory for: (1) not more than one (1) assessment date for which the residence in inventory is assessed as a partially completed structure; (2) the assessment date for which the residence in inventory is first assessed as a fully completed structure; and (3) the two (2) assessment dates that immediately follow the assessment date referred to in subdivision (2). Department of Local Government Finance; 50 IAC 28-3-1; filed Sep 18, 2012, 2:20 p.m.: 20121017-IR-050120382FRA