Indiana Application for Residence In Inventory Deduction

Application for Residence In Inventory Deduction
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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

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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 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.

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