50 IAC 10-3-1 Filing procedures for the deduction for real property

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. (f) A deduction application filed under subsection (a), (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), (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.