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Indiana Code — Title 6 (Taxation)

IC 6-1.1-12.8-1

"Residence in inventory"

Official textiga.in.govlast amended

Sec. 1. (a) As used in this chapter, "residence in inventory" means real property that:

# (1)

is not a model residence (as defined in IC 6-1.1-12.6-1); and

# (2)

consists of any of the following that has never been occupied:

# (A)

A single family residence.

# (B)

A single family townhouse.

# (C)

A single family condominium unit.

(b) The term does not include any of the land on which the residence, townhouse, or condominium unit is located.

(c) Real property described in subsection (a) that is used by the owner as the owner's regular office space may not be considered a residence in inventory for purposes of this chapter. However, this subsection does not prohibit the use of a garage or other space in the real property:

(1) to store or display material used to promote the real property or other similar properties; or

(2) as a space for meetings with prospective buyers or lessees.
As added by P.L.175-2011, SEC.2.

Amendment history

As added by P.L.175-2011, SEC.2.

Source: view the official text

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Nearby sections (25 sections)
  1. 6-1.1-12.6-5 · Deduction inapplicable in allocation area
  2. 6-1.1-12.6-6 · Prohibition against application of the deduction and a
  3. 6-1.1-12.6-7 · Application of the deduction on change of ownership
  4. 6-1.1-12.6-8 · Affiliated group limited to three deductions
  5. 6-1.1-12.6-9 · Voidance of rules; model residence property tax deduction
  6. 6-1.1-12.7-1 · "Certified technology park"
  7. 6-1.1-12.7-2 · "High technology activity"
  8. 6-1.1-12.7-3 · "Qualified personal property"
  9. 6-1.1-12.7-4 · Ordinance authorizing deduction
  10. 6-1.1-12.7-5 · Review; Indiana economic development corporation
  11. 6-1.1-12.7-6 · Certified deduction schedule; review by county assessor;
  12. 6-1.1-12.8-0.5 · "Affiliated group"
  13. 6-1.1-12.8-1 · "Residence in inventory"
  14. 6-1.1-12.8-2 · "Residential builder"
  15. 6-1.1-12.8-3 · Deduction
  16. 6-1.1-12.8-4 · Required statement
  17. 6-1.1-12.8-5 · Allocation area; deduction disallowed
  18. 6-1.1-12.8-6 · Restriction on deductions under multiple statutes
  19. 6-1.1-12.8-7 · Change in ownership
  20. 6-1.1-12.8-8 · Voidance of rules; residence in inventory property tax
  21. 6-1.1-12.8-9 · Limit on number of residences in inventory
  22. 6-1.1-12.8-10 · Affiliated group limit
  23. 6-1.1-12.9-1 · Application of section; legalization of certain actions…
  24. 6-1.1-12.9-2 · Legalization of certain actions of designating body after
  25. 6-1.1-12.9-3 · Application of section; legalization of certain actions…
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