Section 50IAC5.1-9-2. Special tooling

   (a) Special tooling must be reported for Indiana property assessment purposes at the tax situs where located on the assessment date, regardless of whether such special tooling is capitalized or expensed.

  (b) The owner of any personal property subject to assessment and taxation on the assessment date has the responsibility for reporting such property for assessment and taxation. Special tooling must be reported on the appropriate form on the public utility company's annual report to the state board. If the special tooling is locally assessed personal property, the special tooling must also be reported to the township assessor.

  (c) The possessor of not-owned special tooling has the responsibility for disclosing such property to the local assessing officials and the state board.

  (d) The total cost of special tooling is allocated into two (2) groups. The total cost of the special tooling acquired between the immediately preceding assessment date and the current assessment date is allocated into one (1) group (Group I), and the balance of the total cost of the special tooling on hand which was acquired prior to the immediately preceding assessment date is allocated into a second group (Group II). Expenditures incurred by a taxpayer to refurbish existing special tooling are deemed to be special tools acquired during the period in which such special tooling was refurbished.

  (e) The total cost of special tooling that is not owned by the possessor must be based on the original cost to the owner of such special tooling, if available. If the original cost to the owner is not available, the cost shall be based upon the best information available; however, the true tax value of the not-owned special tooling shall not be less than the insured value of such property.

  (f) The true tax value of special tooling is computed as the sum of:

(1) the cost of Group I multiplied by thirty percent (30%); and

(2) the cost of Group II special tooling multiplied by three percent (3%).

(Department of Local Government Finance; 50 IAC 5.1-9-2; filed Dec 15, 1993, 5:00 p.m.: 17 IR 963; reinstated by IC 6-1.1-8-44, eff Jul 1, 2003)