Statewide property tax exemption for inventory
Sec. 42. (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.
(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 beginning with 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 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.
Last modified: May 28, 2006