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IN HB1046
Bill
Status
Passed
5/16/2011
Primary Sponsor
Dave Cheatham
Click for details
AI Summary
- Creates a new deduction from assessed value for residential builders who own unsold single-family residences, townhouses, or condominium units that have never been occupied
- Allows a 50% deduction on assessed value for up to one assessment date when the residence is partially completed, one date when fully completed, and the two following assessment dates (maximum four years total)
- Limits each property owner to no more than three deductions statewide, with affiliated groups also capped at three total deductions across all members
- Requires property owners to file a statement with the county auditor under penalty of perjury claiming the deduction, which must be verified by the township assessor
- Terminates the deduction if the property is leased for any purpose or if title transfers to a person for whom it does not qualify as unsold residential inventory
Legislative Description
Property tax deduction for new unsold residences.
Last Action
Effective 07/01/2011
5/16/2011
Full Bill Text
No bill text available