50 Ind. Admin. Code 4.2-7-1

Current through December 12, 2024

Section 50 IAC 4.2-7-1 - Lists of readily ascertainable values

Authority: IC 6-1.1-31-1

Affected: IC 6-1.1-3; IC 6-1.1-31-7

Sec. 1.

(a) In the case of certain types of personal property, which it determines has a readily ascertainable value, the department may determine the true tax value of such property and so designate in 50 IAC 4.2-15 or issue memorandums and guidance documents for the unit valuations of such property to be used for personal property tax purposes.

(b) The unit valuations will be issued pursuant to 50 IAC 4.2-1-5. However, in providing for the classification of personal property and included in the factors used to determine the true tax value of personal property the department shall not include the value of land as a cost of producing tangible personal property subject to assessment.

(c) The types of personal property to be valued pursuant to this section will be so designated in 50 IAC 4.2-15 or a memorandum or guidance document.

50 IAC 4.2-7-1

Department of Local Government Finance; 50 IAC 4.2-7-1; filed Dec 7, 1988, 9:35 a.m.: 12 IR 860, eff Mar 1, 1989; reinstated by IC 6-1.1-3 -22, eff Jul 1, 2003; filed Feb 26, 2010, 2:43 p.m.: 20100324-IR-050090576FRA

Filed 11/2/2020, 9:34 a.m.: 20201202-IR-050190636FRA