January 10, 2000, read first time and referred to Committee on Finance.
Second Regular Session 111th General Assembly (2000)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in this style type
, and deletions will appear in
this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in this style type
. Also, the
will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type
this style type
between statutes enacted by the 1999 General Assembly.
SENATE BILL No. 493
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2000]: Sec. 6. (a) With respect to
the assessment of real property, the rules of the state board of tax
commissioners shall provide for:
(1) the classification of land on the basis of:
(vi) productivity or earning capacity;
(vii) applicable zoning provisions;
(viii) accessibility to highways, sewers, and other public
services or facilities; and
(ix) any other factor that the board determines by rule is just
and proper; and
(2) the classification of improvements on the basis of:
(iv) type and character of construction;
(vii) cost of reproduction; and
(viii) any other factor that the board determines by rule is just
(b) With respect to the assessment of real property, the rules of the
state board of tax commissioners shall include instructions for
(1) the proper classification of real property;
(2) the size of real property;
(3) the effects that location and use have on the value of real
(4) the depreciation, including physical deterioration and
obsolescence, of real property;
(5) the cost of reproducing improvements;
(6) the productivity or earning capacity of land; and
(7) the true tax value of real property based on the factors listed
in this subsection and any other factor that the board determines
by rule is just and proper.
(c) With respect to the assessment of real property, true tax value
does not mean fair market value. True tax value is the value determined
under the rules of the state board of tax commissioners.
(d) With respect to the assessment of real property, the rules of
the state board of tax commissioners may include a shelter
allowance adjustment described in section 6.5 of this chapter.
IS ADDED TO THE INDIANA
CODE AS A NEW
SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2000]: Sec. 6.5. (a) The general assembly
finds that a basic level of shelter is different than property wealth,
because other types of assets cannot be substituted for that basic
level of shelter.
(b) The state board of tax commissioners may by rule provide
for a shelter allowance adjustment to the valuation of
(c) A rule adopted under subsection (b) must ensure that the
amount of property wealth attributable to an owner-occupied
residence does not include the amount necessary to sustain life at
a subsistence level, as determined by the state board of tax
commissioners and based on objectively verifiable information.