Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 26 - COMPUTER STANDARDS FOR A UNIFORM AND COMMON PROPERTY TAX MANAGEMENT SYSTEM
Rule 6 - Property Assessment Calculation Standards
Section 6-12 - Equalization

(1) Exclude parcels coded as distributable utility property according to property class specifications provided in this article when calculating assessment ratios.

(2) Provide a secondary means of property classification at the parcel level for locally assessed utility property, other than that required in Code List 1 -- Property Class Codes as provided in the Property Tax Management System Code List Manual. This secondary means of property classification at the parcel level should indicate the major improvement use/occupancy and may be used for the possible query and inclusion of locally assessed utility real property parcels in assessment ratio studies.

(3) Calculate assessment ratios based on at least the minimum number of verified sales as determined by the IAAO Standard on Ratio Studies. Assessment software must not produce an assessment ratio if the minimum requirement of verified sales cannot be met, except in the matter of agricultural land.

(4) Provide a data field in which an equalization factor can be entered once and applied to parcels (or the land or improvement portion of parcels) within any class of property in a township.

(5) Be able to produce the data required within 50 IAC 27-9-3 in the format prescribed by 50 IAC 26-8-3.