Indiana Code 6-1.1-12.8-7. Change in ownership
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Sec. 7. (a) If ownership of the residence in inventory changes:
(2) the deduction may not be applied for an assessment date other than the assessment dates to which the deduction could have applied under section 3 of this chapter if ownership had not changed.
(1) a new owner that is a residential builder for which the property is a residence in inventory may claim the deduction under this chapter; and
Terms Used In Indiana Code 6-1.1-12.8-7
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- residence in inventory: means real property that:
Indiana Code 6-1.1-12.8-1
- residential builder: means a person that builds any of the following for sale in the ordinary course of the person's trade or business:
Indiana Code 6-1.1-12.8-2
(b) A person who owns a residence in inventory and claims a deduction under this chapter shall provide to the county auditor a notice that:
(1) informs the auditor of a transfer of the ownership of the residence in inventory; and
(2) indicates whether the new owner is eligible to receive a deduction under this chapter.
The notice required by this subsection must be submitted to the county auditor at the same time that a sales disclosure form is filed under IC 6-1.1-5.5.
As added by P.L.175-2011, SEC.2.