Indiana Administrative Code › Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE › Article 10 - ECONOMIC REVITALIZATION AREA DEDUCTION; MARITIME OPPORTUNITY DISTRICT DEDUCTION › Rule 3 - Filing Procedures › Section 3-1 - Filing procedures for the deduction for real property

Current through July 10, 2024
Authority: IC
				  6-1.1-12.1-13;
				  IC
				  6-1.1-31-1
Affected: IC 6-1.1-12.1
Sec. 1.
(a) A
				property owner who desires to obtain the economic revitalization area deduction
				for the rehabilitation or redevelopment of real property or the occupancy of an
				eligible vacant building must file a certified deduction application, on forms
				prescribed by the department, with the auditor of the county in which the
				property is located. Except as otherwise provided in subsection (c) or (g), the
				deduction application must be filed before May 10 of the year in which the
				addition to assessed valuation is made.
(b) The department has prescribed Form
				322/RE, Application for Deduction from Assessed Valuation of Structures in
				Economic Revitalization Areas (State Form 18379), as the form on which the
				economic revitalization area deduction for the rehabilitation or redevelopment
				of real property shall be claimed.
(c) If notice of the addition to assessed
				valuation or new assessment for any year is not given to the property owner on
				or before April 10 of that year, Form 322/RE (State Form 18379) may be filed
				not later than thirty (30) days after the date such a notice is mailed to the
				property owner at the address shown on the records of the county or township
				assessor.
(d) The department has
				prescribed Form 322/VBD, Application for Deduction from Assessed Valuation -
				Real Property Vacant Building Deduction (State Form 53179), as the form on
				which the economic revitalization area deduction for the rehabilitation,
				redevelopment, or occupancy of a vacant building that has been unoccupied for
				at least one (1) year and zoned for commercial or industrial purposes shall be
				claimed.
(e) If notice of the
				addition to assessed valuation or new assessment for any year is not given to
				the property owner before April 10 of that year, Form 322/VBD (State Form
				53179) may be filed not later than thirty (30) days after the date such a
				notice is mailed to the property owner at the address shown on the records of
				the county or township assessor. (d)
(f) A deduction application filed under
				subsection (a), or (c), or (e) is applicable for the year in which the
				occupancy of a vacant building occurs or the addition to assessed value or
				assessment of a new structure or new improvement is made.
(g) A property owner who desires to obtain
				the economic revitalization area deduction for the rehabilitation or
				redevelopment of real property, the occupancy of an eligible vacant building,
				or the installation of new eligible equipment but who has failed to file a
				deduction application within the dates prescribed in subsection (a), or (c), or
				(e) may file a deduction application between January 1 and May 10 of a
				subsequent year. The deduction application shall apply to the year in which it
				is filed and to subsequent years without the filing of any additional deduction
				application.