50 IAC 5.1-1-17 "Locally assessed real property" defined

Sec. 17. "Locally assessed real property" means fixed real property owned or used by a public utility company that is assessed by the township assessor in the taxing district where it is located. Real property may include both land and improvements. It does not include the right-of- way of a public utility company. For a railroad company, it includes only the right-of-way land and buildings leased to commercial tenants, the land adjoining the right-of-way devoted to industrial parks, any abandoned right-of-way, and railroad land and buildings not being used for railroad operations will be locally assessed real property.