50 IAC 24-3-5 Limitation on homestead standard deduction

Sec. 5. With respect to a personal property mobile home and up to one (1) acre of the land surrounding the mobile home owned by an individual, the overall sum of the deduction is limited to sixty percent (60%) of the combined assessed value of the homestead, that is, mobile home and qualified land. The county auditor shall allocate the deduction as follows: (1) A maximum of fifty percent (50%) of the assessed value of the personal property mobile home. (2) The remainder of the deduction shall be applied to the assessed value of the qualified land. (3) The deduction shall be applied to the personal property mobile home and qualified land before all other deductions.