§ 6-1.1-4-46 — Assessment of self-service storage facility

Indiana § 6-1.1-4-46

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

Text

(a) This section applies to assessment dates
after December 31, 2022.
(b) As used in this section, "self-service storage facility" means any
real property designed and used for the renting of space under a rental
agreement that provides a renter access to rented space for the storage
and retrieval of the renter's property.
(c) The true tax value of a self-service storage facility must be
determined based solely on the land and the improvements, less normal
depreciation and normal obsolescence, and must exclude business
intangible value. Business intangible value is any value of the
self-service storage facility and related business operations in excess
of the depreciated replacement cost of the improvements and the value
of the land.
(d) The true tax value of a self-service storage facility is the lowest
valuation determined by applying each of the following appraisal
approaches and excluding business intangible value:
(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, and
other depreciation and obsolescence.
(2) Sales comparison approach, using data for generally
comparable property.
(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.

Legislative History

As added by P.L.137-2022, SEC.12.