Citations Affected: IC 6-1.1-3-23.
Synopsis: Personal property assessments. Establishes an alternative
property tax valuation method for certain personal property subject to
Effective: July 1, 2003.
January 21, 2003, read first time and referred to Committee on Finance.
A BILL FOR AN ACT to amend the Indiana Code concerning
IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2003]: Sec. 23. (a) A taxpayer may elect to assess under
subsection (b) depreciable tangible personal property:
(1) that is subject to 50 IAC 4.2-4-9(a) (as in effect on January 1, 2003); and
(2) that is eligible for an adjustment for abnormal obsolescence under 50 IAC 4.2-4-8 (as in effect on January 1, 2003).
(b) The true tax value of depreciable tangible personal property for which an election is made under subsection (a) is the lesser of:
(1) the true tax value determined under 50 IAC 4.2-4-9(a) (as in effect on January 1, 2003); or
(2) the true tax value determined under generally accepted appraisal methods using the definition of true tax value set forth in 50 IAC 2.3 (as in effect on January 1, 2003).
SECTION 2. [EFFECTIVE JULY 1, 2003] (a) IC 6-1.1-3-23 , as
added by this act, applies only to property taxes first due and
payable after December 31, 2003.
(b) This SECTION expires January 1, 2005.