Section 50IAC5.1-4-7. Omitted property

   The annual assessments of a public utility company's property are presumed to include all the company's property which is subject to taxation. However, this presumption does not preclude the subsequent assessment of a specific item of tangible property which is clearly shown to have been omitted from the assessments for that year. The appropriate township assessor shall make assessments of omitted fixed property. The state board shall make assessments of omitted distributable property. However, the state board may not assess omitted distributable property after the expiration of ten (10) years from the last day of the year in which the assessment should have been made. (Department of Local Government Finance; 50 IAC 5.1-4-7; filed Dec 15, 1993, 5:00 p.m.: 17 IR 958; reinstated by IC 6-1.1-8-44, eff Jul 1, 2003)