Section 50 IAC 27-11-1 - ReassessmentAuthority: IC 6-1.1-4-4.5; IC 6-1.1-31-1; IC 6-1.1-31-12
Affected: IC 6-1.1-13; IC 6-1.1-14
Sec. 1.
(a) If the coefficient of dispersion (COD) calculated for the county or township for any property classification specified in 50 IAC 27-4-6, as verified by the department, falls outside the requirements of 50 IAC 27-4-5 and cannot be corrected by use of the annual adjustment and equalization methods specified in this article or IC 6-1.1-13 or IC 6-1.1-14, the county assessor shall reassess the property class in the county or township, whichever is applicable, to bring it into compliance with the requirements of the IAAO standards incorporated by reference by 50 IAC 27-1-4.(b) If the price-related differential (PRD) calculated for the county or township for any property classification specified in 50 IAC 27-4-6, as verified by the department, falls outside the requirements of 50 IAC 27-4-5 and cannot be corrected by use of the annual adjustment and equalization methods specified in this article, the county assessor shall reassess the property class in the county or township in order to bring it into compliance with the requirements of the IAAO standard.(c) If the county assessor believes that reasons exist not to reassess a property class in the county under subsection (a) or (b), the county assessor shall immediately: (1) notify the commissioner in writing of those reasons; and(2) request permission to take: (A) action other than that mandated in subsection (a) or (b); or(d) The commissioner shall act on the request within thirty (30) days of receiving the request. In response to a county assessor's request for permission to take action other than mandated in subsection (a) or (b), the commissioner may: (1) require the county assessor to take the action mandated in subsection (a) or (b);(2) permit the action requested by the county assessor; or(3) require the county assessor to take other action short of that required in subsection (a) or (b). Department of Local Government Finance; 50 IAC 27-11-1; filed Apr 8, 2010, 1:45 p.m.: 20100505-IR-050090502FRAFiled 11/2/2020, 9:34 a.m.: 20201202-IR-050190636FRA