Section 50IAC1-3-7. Reassessment after subdivision, rezoning, and improvements

   GENERAL REASSESSMENT OF SUBDIVIDED AND REZONED LANDS. “6-1.1-4-12. Subdivided land; rezoned land; improvements. If land assessed on an acreage basis is subdivided into lots, the land shall be reassessed on the basis of lots. If land is rezoned for, or put to, a different use, the land shall be reassessed on the basis of its new classification. If improvements are added to real property, the improvements shall be assessed. An assessment or reassessment made under this section is effective on the assessment date. However, if land assessed on an acreage basis is subdivided into lots, the lots may not be reassessed until the next assessment date following a transaction which results in a change in legal or equitable title to that lot.”

  With the exception made by IC 6-1.1-11-9 of real property owned, used and occupied by the governments of the United States, Indiana, its agencies and political subdivisions, the general reassessment required by IC 6-1.1-4-4 is to include all real property as defined in IC 6-1.1-1-15.

  Therefore, the Land Valuation section of Regulation 17 [50 IAC 2 was repealed filed Dec 13, 1989, 5:00 p.m.: 13 IR 864; errata filed Feb 19, 1990, 3:35 p.m.: 13 IR 1187.] (1976) should be followed in the general reassessment of subdivided and rezoned lands, but the present classification of the land should not change. (Department of Local Government Finance; Real Property Directive 78-107; filed Jan 30, 1978, 4:09 pm: Rules and Regs. 1979, p. 430)