Section 50IAC27-6-1. Agricultural property

   (a) Land used for agricultural purposes shall be adjusted consistent with the guideline methodology developed for the 2002 and 2012 general reassessments agricultural land value except, in determining the annual base rate, the department shall adjust the methodology to use a six (6) year rolling average. The department will issue annually, before March 1, the base rate to be applied for that March 1 assessment date.

  (b) Those portions of agricultural parcels that include land and buildings not used agriculturally, such as homes, homesites, and excess land and commercial or industrial land and buildings, shall be adjusted by the factor or factors developed for other similar property within the geographic stratification. The residence portion of agricultural properties will be adjusted by the factors applied to similar residential properties. (Department of Local Government Finance; 50 IAC 27-6-1; filed Apr 8, 2010, 1:45 p.m.: 20100505-IR-050090502FRA)