50 IAC 8-1-15 "Original base assessment individual real property component" defined

Sec. 15. As used in this article, "original base assessment individual real property component" means, with respect to a parcel of allocation area real property, a component of assessed value that is no greater than the assessed value of the parcel as of the base assessment date. If the assessed value of the parcel in a later year is the same as or greater than its assessed value as of the base assessment date, the component in the later year equals the assessed value of the parcel as of the base assessment date. If the assessed value of the parcel in a later year is less than its assessed value as of the base assessment date, the component in the later year equals the actual assessed value of the parcel as of the assessment date of that later year.