Section 6-1.1-12-42 - Statewide property tax deduction for inventory(a) As used in this section, "assessed value of inventory" means the assessed value determined after the application of any deductions or adjustments that apply by statute or rule to the assessment of inventory, other than the deduction established in subsection (c).(b) As used in this section, "inventory" has the meaning set forth in IC 6-1.1-3-11 (repealed).(c) A taxpayer is entitled to a deduction from assessed value equal to one hundred percent (100%) of the taxpayer's assessed value of inventory for assessments made in 2006 for property taxes first due and payable in 2007.(d) A taxpayer is not required to file an application to qualify for the deduction established by this section.(e) The department of local government finance shall incorporate the deduction established by this section in the personal property return form to be used each year for filing under IC 6-1.1-3-7 or IC 6-1.1-3-7.5 to permit the taxpayer to enter the deduction on the form. If a taxpayer fails to enter the deduction on the form, the township assessor, or the county assessor if there is no township assessor for the township, shall:(1) determine the amount of the deduction; and(2) within the period established in IC 6-1.1-16-1, issue a notice of assessment to the taxpayer that reflects the application of the deduction to the inventory assessment.(f) The deduction established by this section must be applied to any inventory assessment made by: (1) an assessing official;(2) a county property tax assessment board of appeals; or(3) the department of local government finance.As added by P.L. 192-2002 (ss), SEC.34. Amended by P.L. 146-2008, SEC.119.