Sec. 42. (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(b) As used in this section, "inventory" has the meaning set forth in IC 6-1.1-3-11 (repealed).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.
As added by P.L.192-2002(ss), SEC.34. Amended by P.L.146-2008, SEC.119.
Structure Indiana Code
Chapter 12. Assessed Value Deductions and Deduction Procedures
6-1.1-12-0.5. Basis for Taxation After Deduction
6-1.1-12-0.7. Mortgage Deduction; Filing; Appointees to Act for Elderly, Blind, or Disabled Persons
6-1.1-12-4. Procedure for Claim by Member of Armed Forces
6-1.1-12-6. Mortgage or Contract Deductions; Transmission of Application to Second County
6-1.1-12-7. Mortgage or Contract Deductions; Granting
6-1.1-12-10.1. Persons Over 65 or Surviving Spouse; Filing Claim
6-1.1-12-11. Deduction for Blind or Disabled Person; Limitations; Contract Purchaser
6-1.1-12-12. Blind Persons; Filing Claim; Proof of Blindness; Contents of Application
6-1.1-12-15. Claim by Veteran; Guardianship; Contract Purchaser
6-1.1-12-16. Deduction for Surviving Spouse of Veteran; Limitations; Contract Purchaser
6-1.1-12-17. Claim by Surviving Spouse of Veteran
6-1.1-12-17.9. Trust Eligibility for Certain Deductions; Requirements
6-1.1-12-18. Deduction for Rehabilitated Residential Real Property; Limitations; Expiration
6-1.1-12-19. Rehabilitated Residential Property; Duration of Deduction; Expiration
6-1.1-12-20. Claim for Deduction for Rehabilitated Residential Real Property; Expiration
6-1.1-12-21. Rehabilitated Real Property; Reassessment; Notice of Deductions Required
6-1.1-12-22. Deduction for Rehabilitated Property; Limitations; Expiration
6-1.1-12-23. Rehabilitated Property; Duration of Deduction; Expiration
6-1.1-12-24. Claim for Deduction for Rehabilitated Property; Expiration
6-1.1-12-25.5. Rehabilitated Property; Deductions; Denial; Appeal
6-1.1-12-26. Solar Energy Heating or Cooling System
6-1.1-12-26.1. Solar Power Devices
6-1.1-12-26.2. Property Tax Deduction for Heritage Barns
6-1.1-12-27.1. Claim for Deduction for Solar Energy Heating or Cooling System; Solar Power Device
6-1.1-12-28.5. Resource Recovery System; Prerequisites for Deduction; Definitions
6-1.1-12-29. Wind Power Device; Definition
6-1.1-12-30. Claim for Deduction for Wind Power Device
6-1.1-12-33. Deduction for Hydroelectric Power Device; Limitations
6-1.1-12-34. Deduction for Geothermal Energy Heating or Cooling Device; Limitations
6-1.1-12-36. Deductions; Eligibility for Following Year
6-1.1-12-37.5. Supplemental Deduction for Homesteads
6-1.1-12-40. Deductions for Real Property Located in Enterprise Zones
6-1.1-12-40.5. Limits on Deductions for Mobile or Manufactured Homes
6-1.1-12-42. Statewide Property Tax Deduction for Inventory
6-1.1-12-44. Sales Disclosure Form Serves as Application for Certain Deductions; Limitations
6-1.1-12-46. Eligibility of Transferred Property for Certain Deductions
6-1.1-12-46-b. Eligibility of Transferred Property for Certain Deductions