Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 29 - PROCEDURES FOR THE ASSESSMENT OF GOLF COURSES
Rule 3 - Procedures for the Assessment of Golf Courses
Section 3-4 - Income and expense statement
Universal Citation: 50 IN Admin Code 3-4
Current through March 20, 2024
Authority: IC 6-1.1-4-42
Affected: IC 6-1.1-4-42
Sec. 4.
Income and expense information, which may include the following, should be arranged and evaluated by the assessing official in this order:
(1) Gross income (potential gross income).
(2) Miscellaneous income.
(3) Effective gross income.
(4) The following allowable expenses:
(A) Operating.
(B) Replacement reserves.
(C) Real estate taxes deducted under certain
conditions.
(D) Management
fees/expense.
(E) Insurance.
(F) Salaries.
(G) Benefits.
(H) Utilities.
(I) Advertising.
(J) Repairs.
(K) Supplies.
(L) Legal and accounting fees.
(M) Miscellaneous expenses.
(5) The following nonallowable expenses:
(A) Depreciation (reflected in the
recapture rate).
(B) Capital
improvements.
(C) Franchise fees
and special corporation costs.
(D)
Owner's personal expenses.
(E)
Debt service (principal and interest on mortgage).
(F) Payments on loans for capital
improvements.
(G) Real estate
taxes not deducted as an expense under certain conditions (reflected in the
effective tax rate).
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