Section 50IAC27-4-6. Classification of property for ratio studies

   (a) The county assessor shall calculate median assessment ratios for each of the following classes of property in the county and each township in the county:

(1) Improved residential.

(2) Unimproved residential.

(3) Improved commercial.

(4) Unimproved commercial.

(5) Improved industrial.

(6) Unimproved industrial.

(7) Agricultural land.

  (b) If any of the classes of property listed in subsection (a) consists of fewer than twenty-five (25) parcels, no assessment ratio median is required to be calculated for that class.

  (c) In calculating assessment ratios, each county assessor shall disregard distributable utility property. The county assessor shall classify locally assessed utility real property according to its use, for example, commercial or industrial, for purposes of calculating assessment ratios. (Department of Local Government Finance; 50 IAC 27-4-6; filed Apr 8, 2010, 1:45 p.m.: 20100505-IR-050090502FRA)