Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 4.2 - ASSESSMENT OF TANGIBLE PERSONAL PROPERTY
Rule 9 - Obsolescence
Section 9-4 - Allowance of obsolescence claim
Current through September 18, 2024
Authority: IC 6-1.1-31-1
Affected: IC 6-1.1-31-7
Sec. 4.
(a) Abnormal obsolescence should be recognized to the extent that the property qualifies for the adjustment and the taxpayer 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 adjustment for abnormal obsolescence must be computed in accordance with this rule and 50 IAC 4.2-4-8, 50 IAC 4.2-8-10, or 50 IAC 4.2-10-Sec. 4.
