50 Ind. Admin. Code 26-15-5

Current through October 23, 2024

Section 50 IAC 26-15-5 - Annual certification of real property and personal property gross assessed values to county auditor

Authority: IC 6-1.1-31-1; IC 6-1.1-31.5-3.5

Affected: IC 6-1.1-12-37; IC 6-1.1-20.6; IC 6-1.1-31.5

Sec. 5.

(a) The property tax management system must perform an annual update of the following:

(1) Real property and personal property gross assessed values for each property, accessible by authorized county auditor and treasurer office personnel, after recalculation by the county assessor for the current assessment year.

(2) Classification of real property and personal property by authorized assessing officials for access by county auditor and treasurer office personnel.

(3) The amount of real property and personal property gross assessed value of all property within the county.

(4) The amount of real property gross assessed value eligible to receive a standard deduction for homestead under IC 6-1.1-12-37 for each real property parcel. The property tax management system must also update the separations of the gross assessed value eligible by the gross assessed value of each of the following:

(A) Land eligible for the one percent (1%) tax cap under the definition in IC 6-1.1-12-37.

(B) Improvements eligible for the one percent (1%) tax cap under the definition in IC 6-1.1-12-37.

(C) Land eligible for the two percent (2%) tax cap under the definitions in IC 6-1.1-20.6-0.5, IC 6-1.1-20.6-2.3, and IC 6-1.1-20.6-4.

(D) Improvements eligible for the two percent (2%) tax cap under the definitions in IC 6-1.1-20.6-0.5, IC 6-1.1-20.6-2.3, and IC 6-1.1-20.6-4.

(E) Land eligible for the three percent (3%) tax cap under the definition in IC 6-1.1-20.6-2.Sec. 5.

(F) Improvements and personal property eligible for the three percent (3%) tax cap under the definition in IC 6-1.1-20.6-2.Sec. 5.

(b) After the property tax management system performs the functions described in subsection (a), it must not allow assessing officials to subsequently update the certified assessment data described in subsection (a) for auditor or treasurer personnel access during the current tax year. Any changes or corrections are allowed but must be maintained in separate data tables, preserving the certified assessment data.

50 IAC 26-15-5

Department of Local Government Finance; 50 IAC 26-15-5; filed Jan 28, 2011, 3:07 p.m.: 20110223-IR-050100165FRA