50 Ind. Admin. Code 26-2-8

Current through October 31, 2024

Section 50 IAC 26-2-8 - "Assessment system" defined

Authority: IC 6-1.1-31-1; IC 6-1.1-31.5-3.5

Affected: IC 6-1.1-5.5; IC 6-1.1-31.5

Sec. 8.

(a) "Assessment system" means all data and functions necessary to the computation of an assessed value for every real estate parcel or an item of personal property in any of the following:

(1) A county.

(2) A township.

(3) A taxing district.

(4) A taxing unit.

(b) The assessment system described in subsection (a) includes the following:

(1) Recording data on new construction or improvements.

(2) Acquiring descriptive data on all property.

(3) Determining the following:

(A) Land values.

(B) Improvement values.

(C) Annually assessed mobile home values.

(4) Producing required reports.

(5) Processing market information, including, but not limited to, the following:

(A) Information contained on the sales disclosure form required by IC 6-1.1-5.5.

(B) Appraisal information.

(C) Income and expense data.

(D) Cost information.

(6) Calculating sales ratio study.

50 IAC 26-2-8

Department of Local Government Finance; 50 IAC 26-2-8; filed Jan 28, 2011, 3:07 p.m.: 20110223-IR-050100165FRA