Indiana Code 6-1.1-4

ordinance making the determination or determinations referred to in subsection (f).
As added by P.L.14-1983, SEC.2. Amended by P.L.90-2002, SEC.44; P.L.228-2005, SEC.11; P.L.146-2008, SEC.81; P.L.113-2010, SEC.17.

IC 6-1.1-4-31 Version b
Department of local government finance check of local assessment activities; state conducted activities; payment of bills for services; determinations by county commissioners or city-county council
     Note: This version of section effective 1-1-2013. See also preceding version of this section, effective until 1-1-2013.
    Sec. 31. (a) The department of local government finance shall periodically check the conduct of:
        (1) a general reassessment under section 4 of this chapter;
        (2) a reassessment of a group of parcels under a county's reassessment plan prepared under section 4.2 of this chapter;
        (3) work required to be performed by local officials under 50 IAC 21; and
        (4) other property assessment activities in the county, as determined by the department.
The department of local government finance may inform township assessors (if any), county assessors, and the presidents of county councils in writing if its check reveals that the general reassessment, the reassessment of a group of parcels under a county's reassessment plan prepared under section 4.2 of this chapter, or other property assessment activities are not being properly conducted, work required to be performed by local officials under 50 IAC 21 is not being properly conducted, or property assessments are not being properly made.
    (b) The failure of the department of local government finance to inform local officials under subsection (a) shall not be construed as an indication by the department that:
        (1) the general reassessment under section 4 of this chapter, a reassessment of a group of parcels under a county's reassessment plan prepared under section 4.2 of this chapter, or other property assessment activities are being properly conducted;
        (2) work required to be performed by local officials under 50 IAC 21 is being properly conducted; or
        (3) property assessments are being properly made.
    (c) If the department of local government finance:
        (1) determines under subsection (a) that a general reassessment under section 4 of this chapter, a reassessment of a group of parcels under a county's reassessment plan prepared under section 4.2 of this chapter, or other assessment activities are not being properly conducted; and
        (2) informs:
            (A) the township assessor (if any) of each affected township;
            (B) the county assessor; and

IC 6-1.1-4-31.5 Version a
State conducted assessment or reassessment; notice; state contract with appraising firm; state review of contract; land values; contract payment; severability
     Note: This version of section effective until 1-1-2013. See also following version of this section, effective 1-1-2013.
    Sec. 31.5. (a) As used in this section, "department" refers to the department of local government finance.
    (b) If the department makes a determination and informs local officials under section 31(c) of this chapter, the department may order a state conducted assessment or reassessment in the county subject to the time limitation in that subsection.
    (c) If the department orders a state conducted assessment or reassessment in a county, the department shall assume the duties of the county assessor. Notwithstanding sections 15 and 17 of this chapter, a county assessor subject to an order issued under this section may not assess property or have property assessed for the assessment or general reassessment. Until the state conducted assessment or reassessment is completed under this section, the assessment or reassessment duties of the county assessor are limited to providing the department or a contractor of the department the support and information requested by the department or the contractor.
    (d) Before assuming the duties of a county assessor, the department shall transmit a copy of the department's order requiring a state conducted assessment or reassessment to the county assessor, the county fiscal body, the county auditor, and the county treasurer. Notice of the department's actions must be published one (1) time in a newspaper of general circulation published in the county. The department is not required to conduct a public hearing before taking action under this section.
    (e) A county assessor subject to an order issued under this section shall, at the request of the department or the department's contractor, make available and provide access to all:
        (1) data;
        (2) records;
        (3) maps;
        (4) parcel record cards;
        (5) forms;
        (6) computer software systems;
        (7) computer hardware systems; and
        (8) other information;
related to the assessment or reassessment of real property in the county. The information described in this subsection must be

provided at no cost to the department or the contractor of the department. A failure to provide information requested under this subsection constitutes a failure to perform a duty related to an assessment or a general reassessment and is subject to IC 6-1.1-37-2.
    (f) The department may enter into a contract with a professional appraising firm to conduct an assessment or reassessment under this section. If a county entered into a contract with a professional appraising firm to conduct the county's assessment or reassessment before the department orders a state conducted assessment or reassessment in the county under this section, the contract:
        (1) is as valid as if it had been entered into by the department; and
        (2) shall be treated as the contract of the department.
    (g) After receiving the report of assessed values from the appraisal firm acting under a contract described in subsection (f), the department shall give notice to the taxpayer and the county assessor, by mail, of the amount of the assessment or reassessment. The notice of assessment or reassessment:
        (1) is subject to appeal by the taxpayer under section 31.7 of this chapter; and
        (2) must include a statement of the taxpayer's rights under section 31.7 of this chapter.
    (h) The department shall forward a bill for services provided under a contract described in subsection (f) to the auditor of the county in which the state conducted reassessment occurs. The county shall pay the bill under the procedures prescribed by subsection (i).
    (i) A county subject to an order issued under this section shall pay the cost of a contract described in subsection (f), without appropriation, from the county property reassessment fund. A contractor may periodically submit bills for partial payment of work performed under the contract. Notwithstanding any other law, a contractor is entitled to payment under this subsection for work performed under a contract if the contractor:
        (1) submits to the department a fully itemized, certified bill in the form required by IC 5-11-10-1 for the costs of the work performed under the contract;
        (2) obtains from the department:
            (A) approval of the form and amount of the bill; and
            (B) a certification that the billed goods and services have been received and comply with the contract; and
        (3) files with the county auditor:
            (A) a duplicate copy of the bill submitted to the department;
            (B) proof of the department's approval of the form and amount of the bill; and
            (C) the department's certification that the billed goods and services have been received and comply with the contract.
The department's approval and certification of a bill under subdivision (2) shall be treated as conclusively resolving the merits of a contractor's claim. Upon receipt of the documentation described in subdivision (3), the county auditor shall immediately certify that

the bill is true and correct without further audit and submit the claim to the county executive. The county executive shall allow the claim, in full, as approved by the department, without further examination of the merits of the claim in a regular or special session that is held not less than three (3) days and not more than seven (7) days after the date the claim is certified by the county fiscal officer if the procedures in IC 5-11-10-2 are used to approve the claim or the date the claim is placed on the claim docket under IC 36-2-6-4 if the procedures in IC 36-2-6-4 are used to approve the claim. Upon allowance of the claim by the county executive, the county auditor shall immediately issue a warrant or check for the full amount of the claim approved by the department. Compliance with this subsection constitutes compliance with IC 5-11-6-1, IC 5-11-10, and IC 36-2-6. The determination and payment of a claim in compliance with this subsection is not subject to remonstrance and appeal. IC 36-2-6-4(f) and IC 36-2-6-9 do not apply to a claim submitted under this subsection. IC 5-11-10-1.6(d) applies to a fiscal officer who pays a claim in compliance with this subsection.
    (j) Notwithstanding IC 4-13-2, a period of seven (7) days is permitted for each of the following to review and act under IC 4-13-2 on a contract of the department entered into under this section:
        (1) The commissioner of the Indiana department of administration.
        (2) The director of the budget agency.
        (3) The attorney general.
    (k) If money in the county's property reassessment fund is insufficient to pay for an assessment or reassessment conducted under this section, the department may increase the tax rate and tax levy of the county's property reassessment fund to pay the cost and expenses related to the assessment or reassessment.
    (l) The department or the contractor of the department shall use the land values determined under section 13.6 of this chapter for a county subject to an order issued under this section to the extent that the department or the contractor finds that the land values reflect the true tax value of land, as determined under this article and the rules of the department. If the department or the contractor finds that the land values determined for the county under section 13.6 of this chapter do not reflect the true tax value of land, the department or the contractor shall determine land values for the county that reflect the true tax value of land, as determined under this article and the rules of the department. Land values determined under this subsection shall be used to the same extent as if the land values had been determined under section 13.6 of this chapter. The department or the contractor of the department shall notify the county's assessing officials of the land values determined under this subsection.
    (m) A contractor of the department may notify the department if:
        (1) a county auditor fails to:
            (A) certify the contractor's bill;
            (B) publish the contractor's claim;
            (C) submit the contractor's claim to the county executive; or

            (D) issue a warrant or check for payment of the contractor's bill;
        as required by subsection (i) at the county auditor's first legal opportunity to do so;
        (2) a county executive fails to allow the contractor's claim as legally required by subsection (i) at the county executive's first legal opportunity to do so; or
        (3) a person or an entity authorized to act on behalf of the county takes or fails to take an action, including failure to request an appropriation, and that action or failure to act delays or halts progress under this section for payment of the contractor's bill.
    (n) The department, upon receiving notice under subsection (m) from a contractor of the department, shall:
        (1) verify the accuracy of the contractor's assertion in the notice that:
            (A) a failure occurred as described in subsection (m)(1) or (m)(2); or
            (B) a person or an entity acted or failed to act as described in subsection (m)(3); and
        (2) provide to the treasurer of state the department's approval under subsection (i)(2)(A) of the contractor's bill with respect to which the contractor gave notice under subsection (m).
    (o) Upon receipt of the department's approval of a contractor's bill under subsection (n), the treasurer of state shall pay the contractor the amount of the bill approved by the department from money in the possession of the state that would otherwise be available for distribution to the county, including distributions of admissions taxes or wagering taxes.
    (p) The treasurer of state shall withhold from the money that would be distributed under IC 4-33-12-6, IC 4-33-13-5, or any other law to a county described in a notice provided under subsection (m) the amount of a payment made by the treasurer of state to the contractor of the department under subsection (o). Money shall be withheld from any source payable to the county.
    (q) Compliance with subsections (m) through (p) constitutes compliance with IC 5-11-10.
    (r) IC 5-11-10-1.6(d) applies to the treasurer of state with respect to the payment made in compliance with subsections (m) through (p). This subsection and subsections (m) through (p) must be interpreted liberally so that the state shall, to the extent legally valid, ensure that the contractual obligations of a county subject to this section are paid. Nothing in this section shall be construed to create a debt of the state.
    (s) The provisions of this section are severable as provided in IC 1-1-1-8(b).
As added by P.L.228-2005, SEC.12. Amended by P.L.146-2008, SEC.82.

IC 6-1.1-4-31.5 Version b

State conducted assessment or reassessment; notice; state contract with appraising firm; state review of contract; land values; contract payment; severability
     Note: This version of section effective 1-1-2013. See also preceding version of this section, effective until 1-1-2013.
    Sec. 31.5. (a) As used in this section, "department" refers to the department of local government finance.
    (b) If the department makes a determination and informs local officials under section 31(c) of this chapter, the department may order a state conducted assessment or reassessment in the county subject to the time limitation in that subsection.
    (c) If the department orders a state conducted assessment or reassessment in a county, the department shall assume the duties of the county assessor. Notwithstanding sections 15 and 17 of this chapter, a county assessor subject to an order issued under this section may not assess property or have property assessed for the assessment or general reassessment under section 4 of this chapter or under a county's reassessment plan prepared under section 4.2 of this chapter. Until the state conducted assessment or reassessment is completed under this section, the assessment or reassessment duties of the county assessor are limited to providing the department or a contractor of the department the support and information requested by the department or the contractor.
    (d) Before assuming the duties of a county assessor, the department shall transmit a copy of the department's order requiring a state conducted assessment or reassessment to the county assessor, the county fiscal body, the county auditor, and the county treasurer. Notice of the department's actions must be published one (1) time in a newspaper of general circulation published in the county. The department is not required to conduct a public hearing before taking action under this section.
    (e) A county assessor subject to an order issued under this section shall, at the request of the department or the department's contractor, make available and provide access to all:
        (1) data;
        (2) records;
        (3) maps;
        (4) parcel record cards;
        (5) forms;
        (6) computer software systems;
        (7) computer hardware systems; and
        (8) other information;
related to the assessment or reassessment of real property in the county. The information described in this subsection must be provided at no cost to the department or the contractor of the department. A failure to provide information requested under this subsection constitutes a failure to perform a duty related to an assessment or a general reassessment under section 4 of this chapter or under a county's reassessment plan prepared under section 4.2 of this chapter and is subject to IC 6-1.1-37-2.

    (f) The department may enter into a contract with a professional appraising firm to conduct an assessment or reassessment under this section. If a county entered into a contract with a professional appraising firm to conduct the county's assessment or reassessment before the department orders a state conducted assessment or reassessment in the county under this section, the contract:
        (1) is as valid as if it had been entered into by the department; and
        (2) shall be treated as the contract of the department.
    (g) After receiving the report of assessed values from the appraisal firm acting under a contract described in subsection (f), the department shall give notice to the taxpayer and the county assessor, by mail, of the amount of the assessment or reassessment. The notice of assessment or reassessment:
        (1) is subject to appeal by the taxpayer under section 31.7 of this chapter; and
        (2) must include a statement of the taxpayer's rights under section 31.7 of this chapter.
    (h) The department shall forward a bill for services provided under a contract described in subsection (f) to the auditor of the county in which the state conducted reassessment occurs. The county shall pay the bill under the procedures prescribed by subsection (i).
    (i) A county subject to an order issued under this section shall pay the cost of a contract described in subsection (f), without appropriation, from the county property reassessment fund. A contractor may periodically submit bills for partial payment of work performed under the contract. Notwithstanding any other law, a contractor is entitled to payment under this subsection for work performed under a contract if the contractor:
        (1) submits to the department a fully itemized, certified bill in the form required by IC 5-11-10-1 for the costs of the work performed under the contract;
        (2) obtains from the department:
            (A) approval of the form and amount of the bill; and
            (B) a certification that the billed goods and services have been received and comply with the contract; and
        (3) files with the county auditor:
            (A) a duplicate copy of the bill submitted to the department;
            (B) proof of the department's approval of the form and amount of the bill; and
            (C) the department's certification that the billed goods and services have been received and comply with the contract.
The department's approval and certification of a bill under subdivision (2) shall be treated as conclusively resolving the merits of a contractor's claim. Upon receipt of the documentation described in subdivision (3), the county auditor shall immediately certify that the bill is true and correct without further audit and submit the claim to the county executive. The county executive shall allow the claim, in full, as approved by the department, without further examination of the merits of the claim in a regular or special session that is held

not less than three (3) days and not more than seven (7) days after the date the claim is certified by the county fiscal officer if the procedures in IC 5-11-10-2 are used to approve the claim or the date the claim is placed on the claim docket under IC 36-2-6-4 if the procedures in IC 36-2-6-4 are used to approve the claim. Upon allowance of the claim by the county executive, the county auditor shall immediately issue a warrant or check for the full amount of the claim approved by the department. Compliance with this subsection constitutes compliance with IC 5-11-6-1, IC 5-11-10, and IC 36-2-6. The determination and payment of a claim in compliance with this subsection is not subject to remonstrance and appeal. IC 36-2-6-4(f) and IC 36-2-6-9 do not apply to a claim submitted under this subsection. IC 5-11-10-1.6(d) applies to a fiscal officer who pays a claim in compliance with this subsection.
    (j) Notwithstanding IC 4-13-2, a period of seven (7) days is permitted for each of the following to review and act under IC 4-13-2 on a contract of the department entered into under this section:
        (1) The commissioner of the Indiana department of administration.
        (2) The director of the budget agency.
        (3) The attorney general.
    (k) If money in the county's property reassessment fund is insufficient to pay for an assessment or reassessment conducted under this section, the department may increase the tax rate and tax levy of the county's property reassessment fund to pay the cost and expenses related to the assessment or reassessment.
    (l) The department or the contractor of the department shall use the land values determined under section 13.6 of this chapter for a county subject to an order issued under this section to the extent that the department or the contractor finds that the land values reflect the true tax value of land, as determined under this article and the rules of the department. If the department or the contractor finds that the land values determined for the county under section 13.6 of this chapter do not reflect the true tax value of land, the department or the contractor shall determine land values for the county that reflect the true tax value of land, as determined under this article and the rules of the department. Land values determined under this subsection shall be used to the same extent as if the land values had been determined under section 13.6 of this chapter. The department or the contractor of the department shall notify the county's assessing officials of the land values determined under this subsection.
    (m) A contractor of the department may notify the department if:
        (1) a county auditor fails to:
            (A) certify the contractor's bill;
            (B) publish the contractor's claim;
            (C) submit the contractor's claim to the county executive; or
            (D) issue a warrant or check for payment of the contractor's bill;
        as required by subsection (i) at the county auditor's first legal opportunity to do so;

        (2) a county executive fails to allow the contractor's claim as legally required by subsection (i) at the county executive's first legal opportunity to do so; or
        (3) a person or an entity authorized to act on behalf of the county takes or fails to take an action, including failure to request an appropriation, and that action or failure to act delays or halts progress under this section for payment of the contractor's bill.
    (n) The department, upon receiving notice under subsection (m) from a contractor of the department, shall:
        (1) verify the accuracy of the contractor's assertion in the notice that:
            (A) a failure occurred as described in subsection (m)(1) or (m)(2); or
            (B) a person or an entity acted or failed to act as described in subsection (m)(3); and
        (2) provide to the treasurer of state the department's approval under subsection (i)(2)(A) of the contractor's bill with respect to which the contractor gave notice under subsection (m).
    (o) Upon receipt of the department's approval of a contractor's bill under subsection (n), the treasurer of state shall pay the contractor the amount of the bill approved by the department from money in the possession of the state that would otherwise be available for distribution to the county, including distributions of admissions taxes or wagering taxes.
    (p) The treasurer of state shall withhold from the money that would be distributed under IC 4-33-12-6, IC 4-33-13-5, or any other law to a county described in a notice provided under subsection (m) the amount of a payment made by the treasurer of state to the contractor of the department under subsection (o). Money shall be withheld from any source payable to the county.
    (q) Compliance with subsections (m) through (p) constitutes compliance with IC 5-11-10.
    (r) IC 5-11-10-1.6(d) applies to the treasurer of state with respect to the payment made in compliance with subsections (m) through (p). This subsection and subsections (m) through (p) must be interpreted liberally so that the state shall, to the extent legally valid, ensure that the contractual obligations of a county subject to this section are paid. Nothing in this section shall be construed to create a debt of the state.
    (s) The provisions of this section are severable as provided in IC 1-1-1-8(b).
As added by P.L.228-2005, SEC.12. Amended by P.L.146-2008, SEC.82; P.L.112-2012, SEC.22.

IC 6-1.1-4-31.6
Informal hearings by professional appraiser contractor; informal hearing required to preserve right to appeal assessment; notice; rules; contract payment
Sec. 31.6. (a) Subject to the other requirements of this section, the

IC 6-1.1-4-31.7
Appeal of assessment or reassessment to Indiana board; Indiana board contract with special master; hearings; rules; appeal to tax court
Sec. 31.7. (a) As used in this section, "special master" refers to a person designated by the Indiana board under subsection (e).
(b) The notice of assessment or reassessment under section 31.5(g) of this chapter is subject to appeal by the taxpayer to the Indiana board. The procedures and time limitations that apply to an appeal to the Indiana board of a determination of the department of local government finance do not apply to an appeal under this

subsection. The Indiana board may establish applicable procedures and time limitations under subsection (l).
    (c) In order to appeal under subsection (b), the taxpayer must:
        (1) participate in the informal hearing process under section 31.6 of this chapter;
        (2) except as provided in section 31.6(i) of this chapter, receive a notice under section 31.6(g) of this chapter; and
        (3) file a petition for review with the appropriate county assessor not later than thirty (30) days after:
            (A) the date of the notice to the taxpayer under section 31.6(g) of this chapter; or
            (B) the date after which the department may not change the amount of the assessment or reassessment under the informal hearing process described in section 31.6 of this chapter.
    (d) The Indiana board may develop a form for petitions under subsection (c) that outlines:
        (1) the appeal process;
        (2) the burden of proof; and
        (3) evidence necessary to warrant a change to an assessment or reassessment.
    (e) The Indiana board may contract with, appoint, or otherwise designate the following to serve as special masters to conduct evidentiary hearings and prepare reports required under subsection (g):
        (1) Independent, licensed appraisers.
        (2) Attorneys.
        (3) Certified level two or level three Indiana assessor-appraisers (including administrative law judges employed by the Indiana board).
        (4) Other qualified individuals.
    (f) Each contract entered into under subsection (e) must specify the appointee's compensation and entitlement to reimbursement for expenses. The compensation and reimbursement for expenses are paid from the county property reassessment fund.
    (g) With respect to each petition for review filed under subsection (c), the special masters shall:
        (1) set a hearing date;
        (2) give notice of the hearing at least thirty (30) days before the hearing date, by mail, to:
            (A) the taxpayer;
            (B) the department of local government finance;
            (C) the township assessor (if any); and
            (D) the county assessor;
        (3) conduct a hearing and hear all evidence submitted under this section; and
        (4) make evidentiary findings and file a report with the Indiana board.
    (h) At the hearing under subsection (g):
        (1) the taxpayer shall present:
            (A) the taxpayer's evidence that the assessment or

reassessment is incorrect;
            (B) the method by which the taxpayer contends the assessment or reassessment should be correctly determined; and
            (C) comparable sales, appraisals, or other pertinent information concerning valuation as required by the Indiana board; and
        (2) the department of local government finance shall present its evidence that the assessment or reassessment is correct.
    (i) The Indiana board may dismiss a petition for review filed under subsection (c) if the evidence and other information required under subsection (h)(1) is not provided at the hearing under subsection (g).
    (j) The township assessor (if any) and the county assessor may attend and participate in the hearing under subsection (g).
    (k) The Indiana board may:
        (1) consider the report of the special masters under subsection (g)(4);
        (2) make a final determination based on the findings of the special masters without:
            (A) conducting a hearing; or
            (B) any further proceedings; and
        (3) incorporate the findings of the special masters into the board's findings in resolution of the appeal.
    (l) The Indiana board may adopt rules under IC 4-22-2-37.1 to:
        (1) establish procedures to expedite:
            (A) the conduct of hearings under subsection (g); and
            (B) the issuance of determinations of appeals under subsection (k); and
        (2) establish deadlines:
            (A) for conducting hearings under subsection (g); and
            (B) for issuing determinations of appeals under subsection (k).
    (m) A determination by the Indiana board of an appeal under subsection (k) is subject to appeal to the tax court under IC 6-1.1-15.
As added by P.L.228-2005, SEC.14. Amended by P.L.219-2007, SEC.15; P.L.146-2008, SEC.84.

IC 6-1.1-4-32
Repealed
     (Repealed by P.L.1-2007, SEC.248.)

IC 6-1.1-4-33
Repealed
     (Repealed by P.L.1-2007, SEC.248.)

IC 6-1.1-4-34
Repealed
     (Repealed by P.L.1-2007, SEC.248.)

IC 6-1.1-4-35
Repealed
     (Repealed by P.L.1-2007, SEC.248.)

IC 6-1.1-4-36
Repealed
     (Repealed by P.L.1-2007, SEC.248.)

IC 6-1.1-4-37
Repealed
     (Repealed by P.L.1-2007, SEC.248.)

IC 6-1.1-4-38
Repealed
     (Repealed by P.L.1-2007, SEC.248.)

IC 6-1.1-4-39
Assessment of rental property and mobile homes; low income rental housing exclusion
     Sec. 39. (a) For assessment dates after February 28, 2005, except as provided in subsections (c) and (e), 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 neighborhood influences.
        (2) Sales comparison approach, using data for generally comparable property.
        (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 valuing:
        (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.
    (c) A township assessor (if any) or the county assessor is not required to appraise real property referred to in subsection (a) using the three (3) appraisal approaches listed in subsection (a) if the 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. If a taxpayer wishes to have the income capitalization method or the gross rent multiplier method used in the initial formulation of the assessment of the taxpayer's property, the taxpayer must submit the necessary information to the assessor not later than the March 1 assessment date. However, the taxpayer is not prejudiced in any way and is not restricted in pursuing an appeal, if the data is not submitted by March 1. A taxpayer must verify under penalties for perjury any information provided to the township or county assessor for use in the application of either method. All information related to earnings, income, profits, losses, or expenditures that is provided to the assessor under this section is confidential under IC 6-1.1-35-9 to the same extent as information related to earnings, income, profits, losses, or expenditures of personal property is confidential under IC 6-1.1-35-9.
(e) The true tax value of low income rental property (as defined in section 41 of this chapter) is not determined under subsection (a). The assessment method prescribed in section 41 of this chapter is the exclusive method for assessment of that property. This subsection does not impede any rights to appeal an assessment.
As added by P.L.1-2004, SEC.8 and P.L.23-2004, SEC.9. Amended by P.L.199-2005, SEC.3; P.L.146-2008, SEC.85; P.L.146-2012, SEC.2.

IC 6-1.1-4-39.5
Assessment of qualified real property
     Sec. 39.5. (a) As used in this section, "qualified real property" means a riverboat (as defined in IC 4-33-2-17).
    (b) Except as provided in subsection (c), the true tax value of qualified real property 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 neighborhood influences using base prices determined under 50 IAC 2.3 and associated guidelines published by the department.
        (2) Sales comparison approach, using data for generally comparable property, excluding values attributable to licenses, fees, or personal property as determined under 50 IAC 4.2.
        (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.
    (c) A township or county assessor is not required to appraise qualified real property using the three (3) appraisal approaches listed in subsection (b) if the township or county 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. A taxpayer must verify under penalties for perjury any information provided to the assessor for use in the application of the income capitalization method.
As added by P.L.233-2007, SEC.22. Amended by P.L.146-2008, SEC.86.

IC 6-1.1-4-40
Exclusion of federal income tax credits in the determination of the assessed value of low income housing tax credit property
Sec. 40. The value of federal income tax credits awarded under Section 42 of the Internal Revenue Code may not be considered in determining the assessed value of low income housing tax credit property.
As added by P.L.81-2004, SEC.58.

IC 6-1.1-4-41
Assessment of low income rental housing
     Sec. 41. (a) For purposes of this section:
        (1) "low income rental property" means real property used to provide low income housing eligible for federal income tax credits awarded under Section 42 of the Internal Revenue Code; and
        (2) "rental period" means the period during which low income rental property is eligible for federal income tax credits awarded under Section 42 of the Internal Revenue Code.
    (b) For assessment dates after February 28, 2006, the true tax value of low income rental property is the greater of the true tax value:
        (1) determined using the income capitalization approach; or
        (2) that results in a gross annual tax liability equal to five percent (5%) of the total gross rent received from the rental of all units in the property for the most recent taxpayer fiscal year that ends before the assessment date.
    (c) The department of local government finance may adopt rules under IC 4-22-2 to implement this section.
As added by P.L.199-2005, SEC.4. Amended by P.L.1-2006, SEC.132.

IC 6-1.1-4-42
True tax value of golf course real property determined using income capitalization; information provided by golf course owners; uniform income capitalization tables; department of local government finance administration

     Sec. 42. (a) This section applies to assessment dates after January 15, 2010.
    (b) As used in this section, "golf course" means an area of land and yard improvements that are predominately used to play the game of golf. A golf course consists of a series of holes, each consisting of a teeing area, fairway, rough and other hazards, and the green with the pin and cup.
    (c) The true tax value of real property regularly used as a golf course is the valuation determined by applying the income capitalization appraisal approach. The income capitalization approach used to determine the true tax value of a golf course must:
        (1) incorporate an applicable income 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;
        (2) provide for the uniform and equal assessment of golf courses of similar grade quality and play length; and
        (3) exclude the value of personal property, intangible property, and income derived from personal or intangible property.
    (d) For assessment dates after January 15, 2010, and before March 1, 2012, a township assessor (if any) or the county assessor shall gather and process information from the owner of a golf course to carry out this section in accordance with the rules adopted by the department of local government finance under IC 4-22-2.
    (e) For assessment dates after February 28, 2012, the department of local government finance shall, by rules adopted under IC 4-22-2, establish uniform income capitalization tables and procedures to be used for the assessment of golf courses. The department of local government finance may rely on analysis conducted by a state educational institution to develop the income capitalization tables and procedures required under this section. Assessing officials shall use the tables and procedures adopted by the department of local government finance to assess, reassess, and annually adjust the assessed value of golf courses.
    (f) The department of local government finance may prescribe procedures, forms, and due dates for the collection from the owners or operators of golf courses of the necessary earnings, income, profits, losses, and expenditures data necessary to carry out this section. An owner or operator of a golf course shall comply with the procedures and reporting schedules prescribed by the department of local government finance.
As added by P.L.182-2009(ss), SEC.89.