Section 50IAC4.2-5-13. Valuation adjustment

   Thirty-five percent (35%) of the adjusted cost of inventory as determined pursuant to section 12 of this rule, shall be allowable as a valuation adjustment for Indiana property tax purposes. This adjustment is in lieu of all other valuation adjustments except for the abnormal obsolescence adjustment provided in section 14 of this rule. The amount of this adjustment constitutes an inventory valuation reserve to provide for the normal valuation aspects provided by statute. The prices for farm products prescribed by the state board pursuant to 50 IAC 4.2-7-1, are computed using the alternative method (section 7 [of this rule]), therefore, the thirty-five percent (35%) valuation adjustment will not be allowed for those items. (Department of Local Government Finance; 50 IAC 4.2-5-13; filed Dec 7, 1988, 9:35 a.m.: 12 IR 856, eff Mar 1, 1989; reinstated by IC 6-1.1-3-22, eff Jul 1, 2003)