50 IAC 29-3-4
50 IAC 29-3-4 Income and expense statement
Cite as Ind. Admin. Code tit. 50, r. 29-3-4
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).