World War I veterans; prerequisites for deduction
Sec. 17.4. (a) Except as provided in section 40.5 of this chapter,
a World War I veteran who is a resident of Indiana is entitled to have
the sum of eighteen thousand seven hundred twenty dollars ($18,720)
deducted from the assessed valuation of the real property (including
a mobile home that is assessed as real property), mobile home that is
not assessed as real property, or manufactured home that is not
assessed as real property the veteran owns or is buying under a
contract that requires the veteran to pay property taxes on the real
property, if the contract or a memorandum of the contract is recorded
in the county recorder's office, if:
(1) the real property, mobile home, or manufactured home is the
veteran's principal residence;
(2) the assessed valuation of the real property, mobile home, or
manufactured home does not exceed one hundred sixty-three
thousand dollars ($163,000); and
(3) the veteran owns the real property, mobile home, or
manufactured home for at least one (1) year before claiming the
deduction.
(b) An individual may not be denied the deduction provided by
this section because the individual is absent from the individual's
principal residence while in a nursing home or hospital.
(c) For purposes of this section, if real property, a mobile home,
or a manufactured home is owned by a husband and wife as tenants
by the entirety, only one (1) deduction may be allowed under this
section. However, the deduction provided in this section applies if
either spouse satisfies the requirements prescribed in subsection (a).
(d) An individual who has sold real property, a mobile home not
assessed as real property, or a manufactured home not assessed as
real property to another person under a contract that provides that the
contract buyer is to pay the property taxes on the real property,
mobile home, or manufactured home may not claim the deduction
provided under this section with respect to that real property, mobile
home, or manufactured home.
(Formerly: Acts 1975, P.L.52, SEC.1.) As amended by Acts 1978,
P.L.33, SEC.3; Acts 1981, P.L.25, SEC.5; Acts 1982, P.L.45,
SEC.10; P.L.332-1989(ss), SEC.9; P.L.48-1996, SEC.4; P.L.6-1997,
SEC.51; P.L.291-2001, SEC.139; P.L.272-2003, SEC.3;
P.L.20-2004, SEC.6.
Last modified: May 28, 2006