Statutes, codes, and regulations
Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCEArticle 27 - ANNUAL ADJUSTMENTS AND EQUALIZATION STANDARDS
Rule 50 IAC 27-4 - Ratio Studies and Sales Verification
Section 50 IAC 27-4-6 - Classification of property for ratio studies

50 Ind. Admin. Code 27-4-6

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Current through December 4, 2024
Section 50 IAC 27-4-6 - Classification of property for ratio studies

Authority: IC 6-1.1-4-4.5; IC 6-1.1-31-1; IC 6-1.1-31-12

Affected: IC 6-1.1-13

Sec. 6.

(a) The county assessor shall calculate median assessment ratios for each of the following classes of property in the entire county and for each township in the county where an adequate sales sample exists as defined in section 5 of this rule:
(1) Improved residential.
(2) Unimproved residential.
(3) Improved commercial.
(4) Unimproved commercial.
(5) Improved industrial.
(6) Unimproved industrial.
(b) If any of the classes of property listed in subsection (a) consists of fewer than twenty-five (25) parcels, no assessment ratio median is required to be calculated for that class.
(c) In calculating assessment ratios, each county assessor shall disregard distributable utility property. The county assessor shall classify locally assessed utility real property according to its use, for example, commercial or industrial, for purposes of calculating assessment ratios.

50 IAC 27-4-6

Department of Local Government Finance; 50 IAC 27-4-6; filed Apr 8, 2010, 1:45 p.m.: 20100505-IR-050090502FRA
Filed 11/2/2020, 9:34 a.m.: 20201202-IR-050190636FRA