Section 50IAC24-3-4. Applicability of deduction for assessment date

   (a) Subject to subsections (b) and (c), a homestead standard deduction applies for an assessment date and for the property taxes due and payable based on the assessment for that assessment date, regardless of whether:

(1) the title is conveyed one (1) or more times; or

(2) one (1) or more contracts to purchase are entered into;

after that assessment date and on or before the next succeeding assessment date.

  (b) Subsection (a) applies regardless of whether:

(1) one (1) or more grantees of title under subsection (a)(1); or

(2) one (1) or more contract purchasers under subsection (a)(2);

files an application under this chapter to claim the deduction.

  (c) A homestead standard deduction under subsection (a) applies for only one (1) year. The requirements for filing an application for a homestead standard deduction apply to subsequent years.

  (d) If:

(1) an application is filed on or before January 5 to claim a deduction with respect to real property; and

(2) the eligibility criteria for the deduction are met;

the homestead standard deduction applies for the assessment date in the preceding calendar year and for the property taxes due and payable based on the assessment for that assessment date.

  (e) If:

(1) an application is filed during the twelve (12) months before March 31 of the first year for which the individual wishes to obtain the homestead standard deduction with respect to an annually assessed mobile home or manufactured home; and

(2) the eligibility criteria for the homestead standard deduction are met;

the deduction applies for the assessment date in that twelve (12) month period and for the property taxes due and payable based on the assessment for that assessment date. (Department of Local Government Finance; 50 IAC 24-3-4; filed May 12, 2009, 11:24 a.m.: 20090610-IR-050080750FRA; filed Apr 21, 2016, 12:40 p.m.: 20160518-IR-050150167FRA)