2018 Indiana Code
TITLE 6. Taxation
ARTICLE 1.1. PROPERTY TAXES
CHAPTER 12.6. Deduction for Model Residence
6-1.1-12.6-2. Applicability; amount of deduction; termination of deduction on sale of residence
Sec. 2. (a) This section applies only to a model residence that is first assessed as:
(1) a partially completed structure; or
(2) a fully completed structure;
for the assessment date in 2009 or a later year.
(b) Except as provided in subsection (c) and sections 4, 5, and 6 of this chapter, and subject to sections 7 and 8 of this chapter, an owner of a model residence is entitled to a deduction from the assessed value of the model residence in the amount of fifty percent (50%) of the assessed value of the model residence for the following:
(1) Not more than one (1) assessment date for which the model residence is assessed as a partially completed structure.
(2) The assessment date for which the model residence is first assessed as a fully completed structure.
(3) The two (2) assessment dates that immediately succeed the assessment date referred to in subdivision (2).
(c) A deduction allowed for a model residence under this chapter for a particular assessment date is terminated if the model residence is sold:
(1) after the assessment date of that year but before January 1 of the following year; and
(2) to a person who does not continue to use the real property as a model residence.
The county auditor shall immediately mail notice of the termination to the former owner, the property owner, and the township assessor. The county auditor shall remove the deduction from the tax duplicate and shall notify the county treasurer of the termination of the deduction.
As added by P.L.70-2008, SEC.1.
