Version b
Assessment of personal property; classification
Note: This version of section effective 1-1-2006. See also
preceding version of this section, effective until 1-1-2006.
Sec. 7. (a) With respect to the assessment of personal property,
the rules of the department of local government finance shall provide
for the classification of personal property on the basis of:
(1) date of purchase;
(2) location;
(3) use;
(4) depreciation, obsolescence, and condition; and
(5) any other factor that the department determines by rule is
just and proper.
(b) With respect to the assessment of personal property, the rules
of the department of local government finance shall include
instructions for determining:
(1) the proper classification of personal property;
(2) the effect that location has on the value of personal
property;
(3) the cost of reproducing personal property;
(4) the depreciation, including physical deterioration and
obsolescence, of personal property;
(5) the productivity or earning capacity of mobile homes
regularly used to rent or otherwise furnish residential
accommodations for periods of thirty (30) days or more;
(6) the true tax value of mobile homes assessed under
IC 6-1.1-7 (other than mobile homes subject to the preferred
valuation method under IC 6-1.1-4-39(b)) as the least of the
values determined using the following:
(A) The National Automobile Dealers Association Guide.
(B) The purchase price of a mobile home if:
(i) the sale is of a commercial enterprise nature; and
(ii) the buyer and seller are not related by blood or
marriage.
(C) Sales data for generally comparable mobile homes;
(7) the true tax value at the time of acquisition of computer
application software, for the purpose of deducting the value of
computer application software from the acquisition cost of
tangible personal property whenever the value of the tangible
personal property that is recorded on the taxpayer's books and
records reflects the value of the computer application software;
and
(8) the true tax value of personal property based on the factors
listed in this subsection and any other factor that the department
determines by rule is just and proper.
(c) In providing for the classification of personal property and the
instructions for determining the items listed in subsection (b), the
department of local government finance shall not include the value
of land as a cost of producing tangible personal property subject to
assessment.
(d) With respect to the assessment of personal property, true tax
value does not mean fair market value. Subject to this article, true tax
value is the value determined under rules of the department of local
government finance.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by Acts 1981,
P.L.63, SEC.5; P.L.42-1984, SEC.3; P.L.24-1986, SEC.24;
P.L.90-2002, SEC.223; P.L.1-2004, SEC.41 and P.L.23-2004,
SEC.44; P.L.214-2005, SEC.15.
Last modified: May 28, 2006