Indiana Application for Residence In Inventory Deduction

Application for Residence In Inventory Deduction
Form 54861
Reset Form

APPLICATION FOR RESIDENCE IN INVENTORY DEDUCTION

January 1, 20___ payable in 20___

State Form 54861 (R4 / 9-24)

FOR OFFICE USE ONLY

Prescribed by the Department of Local Government Finance

INSTRUCTIONS:

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 dates in 2012 or a later year.

Filing Date:

To receive deduction for a calendar year, this form must be completed, signed, and filed or postmarked by the following January 15.

See Page 2 for additional instructions and qualifications.
APPLICANT INFORMATION

Name of Applicant

Telephone Number

(

Email 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, 20___, the property is:

Have you received this deduction on this property in prior years?

☐ Partially completed

☐ Fully completed

Assessed Value of Qualifying Real Property

☐ 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?

☐ Yes

If yes, please list below.

☐ No

Property Address (number and street, city, state, and ZIP code)

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

Is property recommended for deduction?

☐ Yes
Signature of Assessing Official

Printed Name of Applicant or Authorized Representative

VERIFICATION BY ASSESSING OFFICIAL

Assessed Value of Qualifying Real Property

Recommended Deduction (50% of Qualifying Real Property)

☐ No
Printed Name of Assessing Official

FINAL DETERMINATION OF COUNTY AUDITOR
Deduction determined by County Auditor for January 1, 20____ payable in 20____:
Signature of County Auditor

Date Signed (month, day, year)

Printed Name of County Auditor

Date Signed (month, day, year)

Approved Deduction

$
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
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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 singlefamily 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 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
January 15.

•

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 the 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
IC 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 statute
for a year may not receive both deductions; the property owner must select one or the other.

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