Section 50IAC26-6-3. Homestead eligibility

   The assessment system must be able to separate the assessed value into the gross assessed value of each of the following:

(1) Land eligible for the one percent (1%) tax cap under the definition in IC 6-1.1-12-37.

(2) Improvements eligible for the one percent (1%) tax cap under the definition in IC 6-1.1-12-37.

(3) Land eligible for the two percent (2%) tax cap under the definitions in IC 6-1.1-20.6-0.5, IC 6-1.1-20.6-2.3, and IC 6-1.1-20.6-4.

(4) Improvements eligible for the two percent (2%) tax cap under the definitions in IC 6-1.1-20.6-0.5, IC 6-1.1-20.6-2.3, and IC 6-1.1-20.6-4.

(5) Land eligible for the three percent (3%) tax cap under the definition in IC 6-1.1-20.6-2.5.

(6) Improvements and personal property eligible for the three percent (3%) tax cap under the definition in IC 6-1.1-20.6-2.5.

(7) Other elements as required by statute eliminating the need for reentry in the tax and billing system.

(Department of Local Government Finance; 50 IAC 26-6-3; filed Jan 28, 2011, 3:07 p.m.: 20110223-IR-050100165FRA)