Statutes, codes, and regulations
Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCEArticle 4.2 - ASSESSMENT OF TANGIBLE PERSONAL PROPERTY
Rule 50 IAC 4.2-9 - Obsolescence
Section 50 IAC 4.2-9-1 - "Obsolescence" defined

50 Ind. Admin. Code 4.2-9-1

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Current through December 12, 2024
Section 50 IAC 4.2-9-1 - "Obsolescence" defined

Authority: IC 6-1.1-31-1

Affected: IC 6-1.1-31-7

Sec. 1.

"Obsolescence" means the reduction in value of business personal property that occurs through use, technological improvements, passage of time, changes in market values, and physical deterioration or destruction.

50 IAC 4.2-9-1

Department of Local Government Finance; 50 IAC 4.2-9-1; filed Dec 7, 1988, 9:35 a.m.: 12 IR 863, eff Mar 1, 1989; reinstated by IC 6-1.1-3-22, eff Jul 1, 2003