Form 49568 - Application For Deduction From Assessment On Rehabilitated Property May 2006

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APPLICATION FOR DEDUCTION FROM ASSESSMENT

FORM 322

ON REHABILITATED PROPERTY

State Form 49568 (R3 / 1-06)

(R4 / 5-06)

Prescribed by the Department of Local Government Finance

County

Township

DLGF taxing district number

The undersigned owner hereby applies to the County Auditor pursuant to IC 6-1.1-12-18 through 20, for a deduction from the assessed value on the following

residential property for a period of five (5) years, effective March 1, 20_________ and the succeeding four (4) years.

Address of property (number and street, city, state, and ZIP code)

Number of dwelling units on the property

Number of dwelling units rehabilitated

LEGAL DESCRIPTION AS FOUND ON TAX DUPLICATE

Range

Section

Township

Addition

Block number

Key or parcel number

Lot number

INCREASE

ASSESSMENT

ASSESSMENT (AT 100%

DEDUCTION ON

TYPE OF

DUE TO

ASSESSMENT

AFTER

OF TTV) PRIOR TO

DWELLING

REHABILITATION

CLAIMED

1. Single Family

2. Two Family

3. Three or More Family

(# of Units_________)

I hereby certify that the representations on this application are true.

Date (month, day, year)

Signature of owner

Printed name of owner (print or type)

Address (number and street)

City, state, and ZIP code

Township

County

VERIFICATION

Assessment after rehabilitation

Assessment (at 100% of TTV) prior to rehabilitation

Type of Family Dwelling:

Single Family

Two Family

Amount of deduction approved

Three or More

Signature of township assessor

Signature of county auditor

1. Application must be filed with the county auditor in person or by mail on or before May 10 in the year in which the addition to assessed valuation is made

June

or not later than thirty (30) days after the date of mailing of such assessment notice by the township assessor.

2. Limitation on availability. For taxes due and payable after December 31, 2004, the assessed valuation (at 100% of TTV) of the property prior to rehabilitation

cannot exceed $37,440 for single family dwellings; $49,920 for a two (2) family dwelling; or $18,720 per dwelling unit for three (3) or more family units. For

taxes due and payable prior to January 1, 2005, the value limits were $18,000 for a single family; $24,000 for a two (2) family; and $9,000 per unit for three

(3) or more family units.

3. For taxes due and payable after December 31, 2004, the deduction in assessed value allowable cannot exceed the lesser of $18,720 per dwelling unit

rehabilitated or the total increase in assessed value. For taxes due and payable prior to January 1, 2005, the value limit was the lesser of $9,000 per unit

or the increase in AV. A general reassessment of real property which occurs within the five (5) year period of the deduction does not affect the amount of

the deduction. (IC 6-1.1-12-18 and IC 6-1.1-12-19)

4. County Auditor must present the application to the assessor of the township in which the property is located for the deduction verification.