Sec. 13. (a) For purposes of this section:
(1) "processor" means a first processor of products; and
(2) "products" means perishable horticultural products.
(b) In lieu of the average method of valuation provided in section
11 of this chapter, a processor of products may list for assessment his
inventory of products which have passed the first process stage at
either:
(1) one-twelfth (1/12) of the true tax value of the products so
processed by the processor in the twelve (12) month period
ending on the assessment date; or
(2) one-twelfth (1/12) of the true tax value of the products so
processed by the processor and stored by him on the assessment
date.
(c) If a processor has not been in business for a continuous twelve
(12) month period preceding the assessment date, he may list for
assessment his inventory of products which have passed the first

process state at either:
(1) the true tax value of the products so processed by the
processor during the period that the processor was in business,
divided by the number of whole months that he was in business;
or
(2) the true tax value of the products so processed by the
processor and stored by him on the assessment date, divided by
the number of whole months that the processor was in business.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.24-1986,
SEC.5.

Last modified: May 28, 2006