Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 5.1 - PUBLIC UTILITY ASSESSMENT
Rule 10 - Valuation of Leased Property
Section 10-5 - Locally assessed property subject to capital leases; specific reporting requirements
Universal Citation: 50 IN Admin Code 10-5
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. 5.
(a) The holder, possessor, or controller (lessee) of locally assessed leased property subject to a capital lease is primarily responsible for the reporting of the locally assessed leased property for assessment and taxation.
(b) If the holder, possessor, or controller of the locally assessed leased property is a public utility company and the locally assessed leased property is subject to a capital lease, the locally assessed leased property shall be assessed in the following manner:
(1) The holder, possessor, or controller
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 holder, possessor, or controller shall
include all of the information required by the form.
(2) The owner (lessor) of locally assessed
leased property subject to a capital lease is required to disclose the
existence of the leased property to the department and local assessing
officials. The owner shall disclose the locally assessed leased property on the
designated form. In completing the designated form, the owner shall include all
of the information required by the form.
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