50 IAC 27-6-1 Agricultural property

Sec. 1. (a) Land used for agricultural purposes shall be adjusted consistent with the guideline methodology developed for the 2012 general reassessments agricultural land value except, in determining the annual base rate, the department shall adjust the methodology to use a six (6) year rolling average. The department will issue annually, before January 1, the base rate to be applied for that January 1 assessment date. (b) Those portions of agricultural parcels that include land and buildings not used agriculturally, such as homes, homesites, and excess land and commercial or industrial land and buildings, shall be adjusted by the factor or factors developed for other similar property within the geographic stratification. The residence portion of agricultural properties will be adjusted by the factors applied to similar residential properties.