Rehabilitated residential property; application for deduction
Sec. 20. (a) A property owner who desires to obtain the deduction
provided by section 18 of this chapter must file a certified deduction
application, on forms prescribed by the department of local
government finance, with the auditor of the county in which the
rehabilitated property is located. The application may be filed in
person or by mail. If mailed, the mailing must be postmarked on or
before the last day for filing. Except as provided in subsection (b),
the application must be filed before May 10 of the year in which the
addition to assessed value is made.
(b) If notice of the addition to assessed value for any year is not
given to the property owner before April 10 of that year, the
application required by this section may be filed not later than thirty
(30) days after the date such a notice is mailed to the property owner
at the address shown on the records of the township assessor.
(c) The application required by this section shall contain the
following information:
(1) a description of the property for which a deduction is
claimed in sufficient detail to afford identification;
(2) statements of the ownership of the property;
(3) the assessed value of the improvements on the property
before rehabilitation;
(4) the number of dwelling units on the property;
(5) the number of dwelling units rehabilitated;
(6) the increase in assessed value resulting from the
rehabilitation; and
(7) the amount of deduction claimed.
(d) A deduction application filed under this section is applicable
for the year in which the increase in assessed value occurs and for
the immediately following four (4) years without any additional
application being filed.
(e) On verification of an application by the assessor of the
township in which the property is located, the county auditor shall
make the deduction.
(Formerly: Acts 1975, P.L.47, SEC.1; Acts 1975, P.L.53, SEC.1.) As
amended by Acts 1977, P.L.2, SEC.22; Acts 1979, P.L.56, SEC.16;
P.L.90-2002, SEC.111.
Last modified: May 28, 2006