§ 6-1.1-5.5-5 — Information required in form; exception

Indiana § 6-1.1-5.5-5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 5.5: Sales Disclosure Forms

Text

(a) The department of local government
finance shall prescribe a sales disclosure form for use under this
chapter. The form prescribed by the department of local government
finance must include at least the following information:
(1) The key number (as defined in IC 6-1.1-1-8.5) of each parcel.
(2) With respect to each parcel, whether the entire parcel is being
conveyed.
(3) The address of each improved parcel.
(4) The date of the execution of the form.
(5) The date the property was transferred.
(6) Whether the transfer includes an interest in land or
improvements, or both.
(7) Whether the transfer includes personal property.
(8) An estimate of the value of any personal property included in
the transfer.
(9) The name, address, and telephone number of:
(A) each transferor and transferee; and
(B) the person that prepared the form.
(10) The mailing address to which the property tax bills or other
official correspondence should be sent.
(11) The ownership interest transferred.
(12) The classification of the property (as residential, commercial,
industrial, agricultural, vacant land, or other).
(13) Subject to subsection (c), the total price actually paid or
required to be paid in exchange for the conveyance, whether in
terms of money, property, a service, an agreement, or other
consideration, but excluding tax payments and payments for legal
and other services that are incidental to the conveyance.
(14) The terms of seller provided financing.
(15) Any family or business relationship existing between the
transferor and the transferee.
(16) A legal description of each parcel subject to the conveyance.
(17) Whether the transferee is using the form to claim one (1) or
more deductions under IC 6-1.1-12-44 for property taxes first due
and payable in a calendar year after 2008.
(18) If the transferee uses the form to claim the standard
deduction under IC 6-1.1-12-37, the information required for a
standard deduction under IC 6-1.1-12-37.
(19) Sufficient instructions and information to permit a party to
terminate a standard deduction under IC 6-1.1-12-37 on any
parcel of property on which the party or the spouse of the party
will no longer be eligible for the standard deduction under IC 6-1.1-12-37 after the party or the party's spouse begins to reside
at the property that is the subject of the sales disclosure form,
including an explanation of the tax consequences and applicable
penalties if a party unlawfully claims a standard deduction under
IC 6-1.1-12-37.
(20) Other information as required by the department of local
government finance to carry out this chapter.
(21) For transactions occurring after December 31, 2021,
information required under IC 6-1.1-10-21(e) demonstrating proof
of nonprofit status.
If a form under this section includes the telephone number or part or all
of the Social Security number of a party, the telephone number or the
Social Security number is confidential.
(b) The instructions for completing the form described in subsection
(a) must include the information described in IC 6-1.1-12-43(c)(1).
(c) If the conveyance includes more than one (1) parcel as described
in section 3(h) of this chapter, the form:
(1) is not required to include the price referred to in subsection
(a)(13) for each of the parcels subject to the conveyance; and
(2) may state a single combined price for all of those parcels.

Legislative History

As added by P.L.63-1993, SEC.1. Amended by P.L.90-2002, SEC.54; P.L.64-2004, SEC.2; P.L.228-2005, SEC.18; P.L.154-2006, SEC.3; P.L.144-2008, SEC.5; P.L.75-2009, SEC.1; P.L.87-2009, SEC.1; P.L.159-2020, SEC.9; P.L.192-2021, SEC.1.