How to claim and keep property tax exemptions

None of the exemptions from taxation granted in Sections 5A-11.4, 5A-11.6. 5A-11.8, 5A-11.9, 5A-11.10, 5A-11.20, 5A-11.24, 5A-11.27, and 5A-11.32 shall be allowed in any case, unless the claimant shall have filed with the Director of Finance, on or before September 30 preceding the tax year for which such exemption is claimed, a claim for exemption in such form as shall be prescribed by the Department.A claim for exemption once allowed shall have continuing effect until:The exemption is disallowed;The Director voids the claim after first giving notice (either to the claimant or to all claimants in the manner provided by either Section 5A-2.1 or 5A-1.14, as the case may be) that the claim or claims on file will be voided on a certain date, not less than thirty (30) days after such notice;The period for exemption, as allowed in Sections 5A-11.20 and 5A-11.21, expires; orThe claimant makes the report required by Subsection (d) of this Section.A claimant may file a claim for exemption even though there is on file and in effect a claim covering the same premises, or a claim previously filed and disallowed or otherwise voided. However, no such claim shall be filed if it is identical with one already on file and having continuing effect. The report required by Subsection (d) of this Section may be accompanied by or combined with a new claim.Any person who has been allowed an exemption under Section 5A-11.4, 5A-11.5 to 5A-11.11, 5A-11.20, 5A-11.24, or 5A-11.32 has a duty to report to the Assessor within thirty (30) days after he or she ceases to qualify for such an exemption for one of, but not limited to, the following reasons:He or she ceases to be the owner, lessee, or purchaser of the exempt premises;A change in the facts previously reported has occurred concerning the occupation, use, or renting of the premises, buildings, or other improvements thereon; orSome other change in status has occurred which affects his or her exemption.Such report shall have the effect of voiding the claim for exemption previously filed, as provided in Subsection (b)(5) of this Section. The report shall be sufficient if it identifies the property involved, states the change in facts or status, and requests that the claim for exemption previously filed be voided.In the event the property comes into the hands of a fiduciary who is answerable as provided for by this Chapter, the fiduciary shall make the report required by this Subsection within thirty (30) days after his or her assumption of his or her fiduciary duties or within the time otherwise required, whichever is later.Any person who has a duty of making a report as required by this Subsection, who, within the time required, fails to make a report, shall be liable for a civil penalty. The amount of the penalty shall be the lesser of: (A) two hundred dollars ($200) for each year that the change in facts remain unreported; or (B) the amount of the taxes due for the property computed without the claim for exemption as of October 1 of the year in which the report was due. In addition to this penalty, the taxes due on the property plus any additional penalties and interest thereon shall be collected as property taxes and shall be a lien on the property as provided for by this Chapter.If the Director is of the view that, for any year the exemption should not be allowed, in whole or in part, the Director may, for the current year and up to two (2) prior years, disallow the exemption, in whole or in part, and reset the assessment cap, and may add to the assessment list the amount of value involved, in the manner provided by Section 5A-3.4 for the assessment of omitted property.In any case of recordation of a certificate for the amount of the civil penalty under Subsection (d) of this Section, a person shall be deemed to have an interest arising before the recordation of the certificate only if and to the extent that he or she acquired his or her interest in good faith and for a valuable consideration without notice of a violation of the requirements of Subsection (d) having occurred.