§ 6-1.1-4-39.5 — Assessment of qualified real property

Indiana § 6-1.1-4-39.5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 4: Procedures for Real Property Assessment

Text

5. (a) As used in this section, "qualified real
property" means a riverboat (as defined in IC 4-33-2-17).
(b) Except as provided in subsection (c), the true tax value of
qualified real property is the lowest valuation determined by applying
each of the following appraisal approaches:
(1) Cost approach that includes an estimated reproduction or
replacement cost of buildings and land improvements as of the
date of valuation together with estimates of the losses in value
that have taken place due to wear and tear, design and plan, or
neighborhood influences using base prices determined under 50
IAC 2.3 and associated guidelines published by the department.
(2) Sales comparison approach, using data for generally
comparable property, excluding values attributable to licenses,
fees, or personal property as determined under 50 IAC 4.2.
(3) Income capitalization approach, using an applicable
capitalization method and appropriate capitalization rates that are
developed and used in computations that lead to an indication of
value commensurate with the risks for the subject property use.
(c) A township or county assessor is not required to appraise
qualified real property using the three (3) appraisal approaches listed
in subsection (b) if the township or county assessor and the taxpayer
agree before notice of the assessment is given to the taxpayer under
section 22 of this chapter to the determination of the true tax value of
the property by the assessor using one (1) of those appraisal
approaches.
(d) To carry out this section, the department of local government
finance may adopt rules for assessors to use in gathering and
processing information for the application of the income capitalization
method. A taxpayer must verify under penalties for perjury any
information provided to the assessor for use in the application of the
income capitalization method.

Legislative History

As added by P.L.233-2007, SEC.22. Amended by P.L.146-2008, SEC.86.