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Indiana Free Printable Microsoft Word - 54861.doc for 2024 Indiana Application for Residence In Inventory Deduction

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Application for Residence In Inventory Deduction
Microsoft Word - 54861.doc

Reset Form APPLICATION FOR RESIDENCE IN INVENTORY DEDUCTION January 1, 20____ payable in 20____ FOR OFFICE USE ONLY State Form 54861 (R3 / 1-16) Prescribed by the Department of Local Government Finance INSTRUCTIONS: Filing Date: This form is to be filed annually, by mail or in person, with the County Auditor of the county where the property is located. This deduction applies to qualifying residences for the assessment date in 2012 or a later year. Form must be completed and signed by December 31 and filed or postmarked by the following January 5. See page 2 for additional instructions and qualifications. APPLICANT INFORMATION Name of applicant Telephone number ( E-mail address ) Business address (number and street, city, state, and ZIP code) County PROPERTY INFORMATION Address of residence in inventory (number and street, city, state, and ZIP code) Brief description of residence and any other real property claimed for deduction Legal description Key number As of January 1, the property is: Partially completed Assessed value of qualifying real property Have you received this deduction on this property in prior years? Fully completed Yes, as partially completed Deduction claimed (50% of qualifying actual value) Yes, as fully completed If yes, indicate which years. No Is the property located in an allocation area as defined by IC 6-1.1-21.2-3? Yes Are there other deductions applied to this property? Yes No If yes, please list: No Have you filed for this deduction on other properties located in Indiana, either alone or as a member of an affiliated group? Property Address (number and street, city, state, and ZIP code) Yes No If yes, please list below. Key Number / Legal Description of Property County A. B. C. CERTIFICATION I certify, under penalty of perjury, that I am not receiving more than three (3) deductions for a residence in inventory, including the one for which I am applying, and that the real property has not been leased and will not be leased for any purpose during the term of the deduction. The above and foregoing information is true and correct and I, to the best of my knowledge and belief, am eligible for this deduction. Signature of applicant or authorized representative Printed name of applicant or authorized representative Date signed (month, day, year) VERIFICATION BY ASSESSING OFFICIAL Is property recommended for deduction? Yes Signature of Assessing Official Assessed value of qualifying structure Recommended deduction (50% of qualifying assessed value) No Printed name of Assessing Official Date signed (month, day, year) FINAL DETERMINATION OF COUNTY AUDITOR Approved deduction Deduction determined by County Auditor for January 1, 20____ payable in 20____: Signature of County Auditor Printed name of County Auditor $ Date signed (month, day, year) Description or reasons for change: Distribution on date of filing: Original – County Auditor; File stamped copy – Applicant; File stamped copy – Township Assessor, if any, or County Assessor Distribution on date that determination is made: Original – County Auditor; Copy – Applicant; Copy – Township Assessor, if any, or County Assessor Page 1 of 2 INSTRUCTIONS AND QUALIFICATIONS (in accordance with IC 6-1.1-12.8) GENERAL INSTRUCTIONS  The deduction is available to a person that builds a single family residence, a single family townhouse, or a single family condominium unit and holds it for sale in the ordinary course of the person’s trade or business.  The application must be filed for each assessment date for which the property owner wishes to receive the deduction.  This deduction is available to qualifying properties first assessed as partially completed or fully completed structures for the assessment date of in 2012 or a later year.  The application may be filed in person or by mail. If mailed, the mailing must be postmarked on or before the last day of the filing.  Any person who willfully makes a false statement of the facts in applying for this deduction is guilty of the crime of perjury and on the conviction thereof will be punished in the manner provided by law. BENEFITS AND ELIGIBILITY  “Residence in inventory” means real property that is not a model residence as defined in IC 6-1.1-12.6-1; and consists of a single family residence, a single family townhouse, or a single family condominium unit which has never been occupied. The term does not include any of the land on which the residence, townhouse, or condominium is located.  Eligible applicants are entitled to a deduction from the assessed value of the structure(s) in the amount of 50% of the assessed value of the residence in inventory for: o Not more than one (1) assessment date for which the residence in inventory is assessed as a partially completed structure. o The assessment date for which the residence in inventory is first assessed as a fully completed structure; and o The two (2) assessment dates that immediately follow the assessment date for which the property was first assessed as fully completed.  If the ownership of a residence changes and the new owner is a residential builder, the new owner may claim the deduction. The new owner, at the time of the filing of the sales disclosure form, must inform the auditor of the transfer of ownership and the new owner’s eligibility for the deduction. LIMITATIONS  A property owner may not receive this deduction for more than three (3) residences in inventory in Indiana for a particular assessment date. Owners of a residence in inventory who are part of an affiliated group (as defined by 6-1.1-12.6-0.5) may not exceed an aggregate of three (3) residences in inventory deductions for a particular assessment date.  Real property that is used by the owner as the owner’s regular office space may not be considered a residence in inventory; however this does not prohibit the use of a garage or other space in the real property from storing or displaying material used to promote properties or as a space for meetings with prospective buyers or lessees.  A property owner may not receive a residence in inventory deduction located in an allocation area as defined in IC 6-1.1-21.2-3.  A property owner that qualifies for a residence in inventory deduction and for a deduction under another statue for a year may not receive both deductions; he must select one or the other. Page 2 of 2
Extracted from PDF file 2023-indiana-form-54861.pdf, last modified January 2013

More about the Indiana Form 54861 Other TY 2023

Use this form to apply for the Residence in Inventory Deduction from your Indiana county. Property tax forms are managed by the Indiana Department of Local Government Finance, not the Department of Revenue.

We last updated the Application for Residence In Inventory Deduction in February 2024, so this is the latest version of Form 54861, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 54861 directly from TaxFormFinder. You can print other Indiana tax forms here.

Other Indiana Other Forms:

TaxFormFinder has an additional 69 Indiana income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 130 Taxpayer's Notice to Initiate a Property Tax Appeal
Form 104 Business Tangible Personal Property Return
Form 43708 Application for Senior Citizen Property Tax Benefits
Form 102 Farmer's Tangible Personal Property Assessment Return
Form 103-Short Business Tangible Personal Property Return

Download all IN tax forms View all 70 Indiana Income Tax Forms


Form Sources:

Indiana usually releases forms for the current tax year between January and April. We last updated Indiana Form 54861 from the Department of Revenue in February 2024.

Show Sources >

Historical Past-Year Versions of Indiana Form 54861

We have a total of four past-year versions of Form 54861 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 54861

Microsoft Word - 54861.doc

2022 Form 54861

Microsoft Word - 54861.doc

2021 Form 54861

Microsoft Word - 54861.doc

2020 Form 54861

Microsoft Word - 54861.doc


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