provides that the individual is to pay the property taxes on the real
property, mobile home, or manufactured home for at least one (1)
year before claiming the deduction, and the contract or a
memorandum of the contract is recorded in the county recorder's
office;
(4) the individual and any individuals covered by subdivision
(2)(B) reside on the real property, mobile home, or manufactured
home;
(5) the assessed value of the real property, mobile home, or
manufactured home does not exceed one two hundred eighty-two
fifty thousand four hundred thirty dollars ($182,430) ($250,000);
and
(6) the individual receives no other property tax deduction for the
year in which the deduction is claimed, except the deductions
provided by sections 1, 37, and 38 of this chapter.
(b) Except as provided in subsection (h), in the case of real property,
an individual's deduction under this section equals the lesser of:
(1) one-half (1/2) of the assessed value of the real property; or
(2) twelve thousand four hundred eighty dollars ($12,480).
(c) Except as provided in subsection (h) and section 40.5 of this
chapter, in the case of a mobile home that is not assessed as real
property or a manufactured home which is not assessed as real
property, an individual's deduction under this section equals the lesser
of:
(1) one-half (1/2) of the assessed value of the mobile home or
manufactured home; or
(2) twelve thousand four hundred eighty dollars ($12,480).
(d) An individual may not be denied the deduction provided under
this section because the individual is absent from the real property,
mobile home, or manufactured home while in a nursing home or
hospital.
(e) For purposes of this section, if real property, a mobile home, or
a manufactured home is owned by:
(1) tenants by the entirety;
(2) joint tenants; or
(3) tenants in common;
only one (1) deduction may be allowed. However, the age requirement
is satisfied if any one (1) of the tenants is at least sixty-five (65) years
of age.
(f) A surviving spouse is entitled to the deduction provided by this
section if:
(1) the surviving spouse is at least sixty (60) years of age on or
before December 31 of the calendar year preceding the year in
which the deduction is claimed;
(2) the surviving spouse's deceased husband or wife was at least
sixty-five (65) years of age at the time of a death;
installment, if any, due in that year or a following year. The part
of the distribution attributable to property tax liability that has not
yet been paid shall be distributed to the various taxing units to
replace revenue lost from the granting of deduction under this
SECTION.".
Renumber all SECTIONS consecutively.
(Reference is to HB 1001 as printed January 17, 2008.)