HB 1806-1_ Filed 02/24/2005, 10:17
Your Committee on Local Government , to which was referred House Bill 1806 ,
has had the same under consideration and begs leave to report the same back to the House with
the recommendation that said bill be amended as follows:
SOURCE: Page 14, line 36; (05)AM180601.14. -->
Page 14, between lines 36 and 37, begin a new paragraph and insert:
SOURCE: IC 6-1.1-4-39; (05)AM180601.21. -->
"SECTION 21. IC 6-1.1-4-39 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 39. (a) For assessment
dates after February 28, 2005, except as provided in subsection (c), the
true tax value of real property regularly used to rent or otherwise
furnish residential accommodations for periods of thirty (30) days or
more and that has more than four (4) rental units is the lowest valuation
determined by applying each of the following appraisal approaches:
(1) Cost approach that includes an estimated reproduction or
replacement cost of buildings and land improvements as of the
date of valuation together with estimates of the losses in value that
have taken place due to wear and tear, design and plan, or
(2) Sales comparison approach, using data for generally
(3) Income capitalization approach, using an applicable
capitalization method and appropriate capitalization rates that are
developed and used in computations that lead to an indication of
value commensurate with the risks for the subject property use.
(b) The gross rent multiplier method is the preferred method of
(1) real property that has at least one (1) and not more than four
(4) rental units; and
(2) mobile homes assessed under IC 6-1.1-7.
(1) elected township assessor; or
(2) county assessor for a township in which the county
assessor assesses real property;
is not required to appraise real property referred to in subsection (a)
using the three (3) appraisal approaches listed in subsection (a) if the
township assessor and the taxpayer agree before notice of the
assessment is given to the taxpayer under section 22 of this chapter to
the determination of the true tax value of the property by the assessor
using one (1) of those appraisal approaches.
(d) To carry out this section, the department of local government
finance may adopt rules for assessors to use in gathering and processing
information for the application of the income capitalization method and
the gross rent multiplier method. A taxpayer must verify under
penalties for perjury any information provided to the assessor for use
in the application of either method.".
SOURCE: Page 35, line 41; (05)AM180601.35. -->
Page 35, line 41, after "If the" insert " county or
Page 35, line 41, after "township" strike "assessor" and insert
" official referred to in subsection (a)
Page 35, line 41, delete "or the county assessor".
Page 36, line 10, strike "township".
Page 36, line 11, before "or" strike "assessor" and insert " county
Page 36, line 11, strike "county assessor;" and insert " township
official referred to in subsection (a);
Page 50, line 33, after "elected" insert " township
Page 50, line 37, after "for" insert " real property
Page 51, line 2, after "for" insert " real property
Renumber all SECTIONS consecutively.
(Reference is to HB 1806 as introduced.)
and when so amended that said bill do pass.
AM180601/DI 73 2005