Optional countywide property tax exemption for inventory;
adoption of ordinance; expiration
Sec. 41. (a) This section does not apply to assessment years
beginning after December 31, 2005.
(b) 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 allowed under subsection (f).
(c) As used in this section, "county income tax council" means a
council established by IC 6-3.5-6-2.
(d) As used in this section, "fiscal body" has the meaning set forth
in IC 36-1-2-6.
(e) As used in this section, "inventory" has the meaning set forth
in IC 6-1.1-3-11.
(f) An ordinance may be adopted in a county to provide that a
deduction applies to the assessed value of inventory located in the
county. The deduction is equal to one hundred percent (100%) of the
assessed value of inventory located in the county for the appropriate
year of assessment. An ordinance adopted under this section in a
particular year applies:
(1) if adopted before March 31, 2004, to each subsequent
assessment year ending before January 1, 2006; and
(2) if adopted after March 30, 2004, and before June 1, 2005, to
the March 1, 2005, assessment date.
An ordinance adopted under this section may be consolidated with
an ordinance adopted under IC 6-3.5-7-25 or IC 6-3.5-7-26. The
consolidation of an ordinance adopted under this section with an
ordinance adopted under IC 6-3.5-7-26 does not cause the ordinance
adopted under IC 6-3.5-7-26 to expire after December 31, 2005.
(g) An ordinance may not be adopted under subsection (f) after
May 30, 2005. However, an ordinance adopted under this section:
(1) before March 31, 2004, may be amended after March 30,
2004; and
(2) before June 1, 2005, may be amended after May 30, 2005;
to consolidate an ordinance adopted under IC 6-3.5-7-26.
(h) The entity that may adopt the ordinance permitted under
subsection (f) is:
(1) the county income tax council if the county option income
tax is in effect on January 1 of the year in which an ordinance
under this section is adopted;
(2) the county fiscal body if the county adjusted gross income
tax is in effect on January 1 of the year in which an ordinance
under this section is adopted; or
(3) the county income tax council or the county fiscal body,
whichever acts first, for a county not covered by subdivision (1)
or (2).
To adopt an ordinance under subsection (f), a county income tax
council shall use the procedures set forth in IC 6-3.5-6 concerning
the imposition of the county option income tax. The entity that
adopts the ordinance shall provide a certified copy of the ordinance
to the department of local government finance before February 1.
(i) A taxpayer is not required to file an application to qualify for
the deduction permitted under subsection (f).
(j) The department of local government finance shall incorporate
the deduction established in 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 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.
(k) The deduction established in this section must be applied to
any inventory assessment made by:
(1) an assessing official;
(2) a county property tax board of appeals; or
(3) the department of local government finance.
As added by P.L.192-2002(ss), SEC.33. Amended by P.L.199-2005,
SEC.5.
Last modified: May 28, 2006