8818 Form 2023-2024

8818 Form: What You Should Know

See Indiana Code 39-4-1-7.1, Exemption from property tax; amended in 1979; Code 09294: Notice of Tax Exemption. See Indiana Code 6-3-13-4, Definitions, for definitions. Note 1: In 1979, the amended Indiana Code included a “Class III Exemptions” to the tax, but it did not change the tax's classification. This designation was established as tax code section 2934-34-2. See Indiana Code 69-4.1-2-1(7), General Exemption from Property Tax. See Indiana Code 69-4.1-13-4, State and local exemptions, section II. Notice: This notice has been prepared without legal advice and is not intended to constitute legal advice. Taxpayers should consult with an Indiana tax attorney prior to filing any tax return. The information contained in the Notice has not been evaluated by the IRS or Indiana law and/or tax administration authority. This notice may be challenged or revised, but the decision of the Indiana Tax Commission is final. The General Exemption from Property Tax is available to all persons (including corporations) who own or substantially use property and who pay their Indiana taxes on a regular basis. The General Exemption applies regardless of the classification or residence of the taxpayer and does not depend on whether interest is paid or deducted from income. Taxpayers are excluded if they are: a public utility; a municipal, county, or other governmental agency or subdivision that serves a great area of Indiana (as defined by applicable zoning laws); an organization that receives substantial public funding; a nonprofit (as defined in Article 1, Chapter 2, Title 23 of the Indiana Code); or an association of persons or corporations organized for any public purpose. See General Exemption in Indiana Code, 69-4.1-2-2 and Section 2. Note: The general exemption from property tax applies to new residential construction or to property that is leased. The general exemption does not apply to: the sale or exchange of residential property for other property; the purchase of personal property or business property for resale or investment in a business (including a tax-exempt organization); or the sale or exchange of residential property at a discount. Other types of real property, such as commercial property, may also be exempt. Note: The general exemption does not apply to the sale or exchange of agricultural property, land acquired with Title 17 of the U.S.

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