If you are a builder of a property that is a single family residence, townhouse, or condominium that has never been occupied as a principal residence and is used for display demonstration to prospective buyers it may be eligible for the Model Residence Deduction. A property owner may not receive the deduction for more than three (3) model residences in Indiana for a particular assessment date.
Eligible applicants are entitled to a deduction from the assessed value of the residence in the amount of 50% of the assessed value of the model residence for:
- Not more than one assessment date for which the model residence is assessed as a partially completed structure;
- The assessment date for which the model residence is first assessed as a fully completed structure; and
- The two assessment dates that immediately follow the first assessment date.