Indiana Administrative Code (Last Updated: December 20, 2016) |
Title 50. DEPARTMENT OF LOCAL GOVERNMENT FINANCE |
Article 50IAC4.2. ASSESSMENT OF TANGIBLE PERSONAL PROPERTY |
Rule 50IAC4.2-9. Obsolescence |
Section 50IAC4.2-9-1. "Obsolescence" defined
Latest version.
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"Obsolescence" means the reduction in value of business personal property that occurs through use, technological improvements, passage of time, changes in market values, and physical deterioration or destruction. (Department of Local Government Finance; 50 IAC 4.2-9-1; filed Dec 7, 1988, 9:35 a.m.: 12 IR 863, eff Mar 1, 1989; reinstated by IC 6-1.1-3-22, eff Jul 1, 2003)