Section 6-1.1-1-11 - "Personal property"(a) Subject to the limitation contained in subsection (b), "personal property" means: (1) billboards and other advertising devices which are located on real property that is not owned by the owner of the devices;(2) foundations (other than foundations which support a building or structure) on which machinery or equipment:(A) held for sale in the ordinary course of a trade or business;(B) held, used, or consumed in connection with the production of income; or(C) held as an investment; is installed;
(3) all other tangible property (other than real property) which:(A) is being held as an investment; or(B) is depreciable personal property; and(4) mobile homes that do not qualify as real property and are not described in subdivision (3).(b) Personal property does not include the following:(1) Commercially planted and growing crops while in the ground.(2) Computer application software.Pre-1975 Property Tax Recodification Citations: 6-1-20-4 part; 6-1-20-5.
(Formerly: Acts1975 , P.L. 47, SEC.1.) As amended by P.L. 41-1984, SEC.1; P.L. 98-1989, SEC.3; P.L. 214-2005, SEC.10; P.L. 146-2008, SEC.48; P.L. 131-2008, SEC.2; P.L. 1-2009, SEC.26.