Indiana § 6-1.1-12-42 Statewide property tax deduction for inventory

Indiana Statutes

§ 6-1.1-12-42 — Statewide property tax deduction for inventory

Indiana·Art. 1.1 PROPERTY TAXES·Ch. 12 Assessed Value Deductions and Deduction Procedures

(a)As used in this section, "assessed value of inventory" means the assessed value determined after the application of any deductions or adjustments that apply by statute or rule to the assessment of inventory, other than the deduction established in subsection (c).

(b)As used in this section, "inventory" has the meaning set forth in IC 6-1.1-3-11 (repealed).

(c)A taxpayer is entitled to a deduction from assessed value equal to one hundred percent (100%) of the taxpayer's assessed value of inventory for assessments made in 2006 for property taxes first due and payable in 2007.

(d)A taxpayer is not required to file an application to qualify for the deduction established by this section.

(e)The department of local government finance shall incorporate the deduction established by this se

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(a) As used in this section, "assessed value
of inventory" means the assessed value determined after the application
of any deductions or adjustments that apply by statute or rule to the
assessment of inventory, other than the deduction established in
subsection (c).
(b) As used in this section, "inventory" has the meaning set forth in
IC 6-1.1-3-11 (repealed).
(c) A taxpayer is entitled to a deduction from assessed value equal
to one hundred percent (100%) of the taxpayer's assessed value of
inventory for assessments made in 2006 for property taxes first due and
payable in 2007.
(d) A taxpayer is not required to file an application to qualify for the
deduction established by this section.
(e) The department of local government finance shall incorporate
the deduction established by this section in the personal property return
form to be used each year for filing under IC 6-1.1-3-7 or IC 6-1.1-3-7.5 to permit the taxpayer to enter the deduction on the form.
If a taxpayer fails to enter the deduction on the form, the township
assessor, or the county assessor if there is no township assessor for the
township, shall:
(1) determine the amount of the deduction; and
(2) within the period established in IC 6-1.1-16-1, issue a notice
of assessment to the taxpayer that reflects the application of the
deduction to the inventory assessment.
(f) The deduction established by this section must be applied to any
inventory assessment made by:
(1) an assessing official;
(2) a county property tax assessment board of appeals; or
(3) the department of local government finance.
(g) This section applies only to property taxes imposed for an
assessment date before January 1, 2025.
(h) This section expires January 1, 2027.

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