Sec. 12. If ownership of the real property or new personal property changes, the deduction under this chapter continues to apply to the real property or personal property, and the amount of deduction is the product of:

(1) the percentage under section 2(c)(2)(B) or 3(c)(2)(B) of this chapter that would have applied if the ownership of the property had not changed; multiplied by

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Terms Used In Indiana Code 6-1.1-12.4-12

  • Personal property: All property that is not real property.
  • Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) the assessed value of the real property or personal property for the year the new owner qualifies for the deduction.

As added by P.L.193-2005, SEC.8.

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