50 IAC 5.1-5-1 Valuation of real property

Sec. 1. (a) Under IC 6-1.1-8, the department shall make an annual assessment of each utility and railroad. The valuation made by the department includes all real, personal, and distributable property, wherever located, and as applicable under the department's Real Property Assessment Manual and Real Property Assessment Guidelines incorporated by reference in 50 IAC 2.4-1-2. Since locally assessed real property is contained within the unit valuation, this property is subtracted from the unit value, and the remainder, the distributable property, is distributed by the department. (b) The township assessor, or the county assessor if there is no township assessor for the township, shall value locally assessed real property under 50 IAC 2.4. (c) In determining whether property is locally assessed real property, locally assessed personal property, or distributable property, the examples provided in Chapter 9 of the Real Property Assessment Guidelines are instructive.