Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 5.1 - PUBLIC UTILITY ASSESSMENT
Rule 10 - Valuation of Leased Property
Section 10-4 - Locally assessed property subject to operating leases; specific reporting requirements
Universal Citation: 50 IN Admin Code 10-4
Current through September 18, 2024
Authority: IC 6-1.1-8-42; IC 6-1.1-31-1
Affected: IC 6-1.1-8-26
Sec. 4.
(a) The owner (lessor) of locally assessed leased property subject to an operating lease is primarily responsible for the reporting of the locally assessed leased property for assessment and taxation.
(b) If the owner of the locally assessed leased property is a public utility company and the locally assessed leased property is subject to an operating lease, the locally assessed leased property shall be assessed in the following manner:
(1)
The owner shall disclose and report the locally assessed leased property on the
designated form included with its annual report to the department. In
completing the designated form, the owner shall include all of the information
required by the form.
(2) The
holder, possessor, or controller (lessee) of locally assessed leased property
subject to an operating lease is required to disclose the existence of the
leased property to the department and local assessing officials. The holder,
possessor, or controller shall disclose the locally assessed leased property on
the designated form included with its annual report to the department. In
completing the designated form, the holder, possessor, or controller shall
include all of the information required by the form.
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