50 IAC 5.1-9-3 Leasehold improvements

Sec. 3. (a) Whenever a public utility company makes any expenditure for an improvement to locally assessed real property, locally assessed personal property, or distributable property not owned by the public utility company, such expenditure shall be assessable as locally assessed personal property or distributable property to the extent it is not locally assessed real property. (b) The following are examples of leasehold improvements which are personal property: (1) Foundations and pilings related to the installation and use of personal property. (2) Personal property attached to the real property, if such items are related to activities or processes conducted in or on the real property, if the personal property is an integral part of such activity. For example, improvements to real property that would be assessable as either locally assessed personal property or as distributable property may include: (A) shelving, bins, counters, and related items; (B) nonpermanent partitions; (C) supplemental heating and air conditioning; (D) extraordinary lighting; (E) extraordinary electrical and plumbing facilities; and (F) carpeting and draperies. (c) Leasehold improvements are reported and valued in the same manner as other locally assessed personal property or distributable property which the public utility company may own.