Section 50 IAC 5.1-11-3 - Abnormal obsolescence claimAuthority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8
Sec. 3.
(a) An adjustment for abnormal obsolescence will be permitted to the extent that the property qualifies for the adjustment and the public utility company is able to substantiate the facts, circumstances, and amount of the claim in order to properly determine the true tax value of the subject property.(b) A taxpayer wishing to claim an adjustment for abnormal obsolescence must provide documentation of the resulting valuation of the personal property at the tax situs in question on the assessment date on a going concern basis.(c) The books and records of the public utility company must not have reflected the abnormal obsolescence on the assessment date.(d) The adjustment for abnormal obsolescence may not exceed the true tax value of the property without consideration of the abnormal obsolescence adjustment.Department of Local Government Finance; 50 IAC 5.1-11-3; filed Dec 15, 1993, 5:00 p.m.: 17 IR 967; reinstated by IC 6-1.1-8 -44, eff Jul 1, 2003