2021 Assessment-Manual
2021 Assessment-Manual
TABLE OF CONTENTS
Introduction ................................................................................................................................... 2
Definitions ...................................................................................................................................... 4
Equalization ................................................................................................................................... 14
Introduction
A general reassessment of all real property within the state must be completed in compliance
with the county’s reassessment plan under IC 6-1.1-4-4.2. This assessment manual contains the
rules for assessing real property located in Indiana for the January 1, 2021 assessment date. The
valuation date for the 2021 general reassessment is January 1, 2021. The assessing official shall
use sales of properties occurring during a period of time from January 1, 2020 through December
31, 2020 for the January 1, 2021 general assessment date. Sales occurring before the valuation
date shall be trended, if appropriate, in accordance with the International Association of
Assessing Officers (IAAO) standard.
IC 6-1.1-31-6(c) provides that “[w]ith respect to the assessment of real property, true tax value
does not mean fair market value….Subject to this article, true tax value is the value determined
under the rules of the department of local government finance.” In the case of agricultural land,
true tax value shall be the value determined in accordance with the Guidelines adopted by the
Department of Local Government Finance and IC 6-1.1-4-13. In the case of all other real
property, true tax value shall mean market value-in-use, which is defined as follows:
True tax value may be considered as the price that would induce the owner to sell the real
property, and the price at which the buyer would purchase the real property for a continuation of
use of the property for its current use. In markets in which sales are not representative of the
utility to the owner, either because the utility derived is higher than indicated sales prices, or in
markets where owners are motivated by non-market factors such as the maintenance of a farming
lifestyle even in the face of a higher use value for some other purpose, true tax value will not
equal value-in-exchange. The market value-in-use standard includes a market value-in-exchange
component in markets where there are regular exchanges for the current use.
The true tax value of property under this definition shall be determined as of the applicable
assessment date.
Three standard approaches are used to determine market value-in-use. The first approach, known
as the cost approach, estimates the value of the land as if vacant and then adds the depreciated
cost new of the improvements to arrive at a total estimate of value. The second approach, known
as the sales comparison approach, estimates the total value of the property directly by
comparing it to similar, or comparable, properties that have sold in the market. The third
approach, known as the income approach, is used for income producing properties that are
typically rented. It converts an estimate of income, or rent, the property is expected to produce
into value through a mathematical process known as capitalization. Each of these approaches is
appropriate for determining the true tax value of property under the definition provided in this
manual. The approaches to determining market value-in-use and the reconciliation of such
approaches shall be applied in accordance with generally recognized appraisal principles.
Standard appraisal and valuation texts such as those published by the Appraisal Institute and the
IAAO are acceptable sources for determining such principles.
The Guidelines adopted by the Department of Local Government Finance provide procedures
and schedules that are acceptable in determining true tax value under the cost approach.
Assessing officials may also consider other relevant information in applying the cost approach
and may also use either the sales comparison approach or the income approach, or both, in
determining true tax value if they are applicable to the type of property being assessed and if
relevant and reliable data is available to support the use of such approaches.
The county assessor shall also utilize assessment studies, as provided in a separate rule (50 IAC
27), as a means to attain a just and equal basis of assessment among taxpayers in the county
under IC 6-1.1-13-6. Assessment studies seek to measure both the level of assessment and level
of uniformity within assessing jurisdictions and property classes.
Level of assessment refers to the extent to which property assessments approximate legally
mandated assessed valuation standards. By comparing the certified assessed values of sample
parcels within townships with values based on the valuation standards, assessment ratios can be
calculated for each township in a county. These ratios will serve as a basis for level of
assessment measures.
Level of uniformity refers to the degree to which property classes are equally assessed within
assessing jurisdictions. Based on assessment ratio data for each township in a county, various
statistical measures, including coefficient of dispersion, can be applied to determine the level of
uniformity within assessing jurisdictions.
Data utilized to measure level of assessment and levels of uniformity are to be used by county
assessors to equalize the assessed value of property within the county. When deemed necessary
to equalize assessments between or within townships or between classes of property, or when
deemed necessary to raise or lower assessments within a county or any part thereof to the level
prescribed by law, the county assessor shall apply a percentage increase or decrease to individual
assessments to attain just and equal assessments.
Assessment studies generally involve five basic steps: (1) definition of purpose and objectives,
(2) collection and preparation of market data, (3) matching appraisal and market data, for
consistency, (4) statistical analysis, and (5) evaluation and use of results.
Definitions
Definitions preceded by ■ are taken from the publication, Glossary for Property Appraisal and
Assessment, copyright © 2013 by the International Association of Assessing Officers (IAAO),
314 W 10th Street, Kansas City, Missouri 64104-1616. Definitions preceded by ▼ are those
developed by the Department of Local Government Finance. Words in bold print in the
definition refer to other words defined in this section.
Appraisal ■ (1) The act of estimating the money value of property. (2) The money
value of property as estimated by an appraiser. (3) Of or pertaining to
appraising and related functions, for example, appraisal practice,
appraisal services.
Appraisal Date ■ The date as of which a property's value is estimated. ▼ The date as of
which the true tax value of the property is estimated. In the case of the
2021 general reassessment, this would be January 1, 2021.
Appraisal Methods ■ The three methods of appraisal, that is, the cost approach, income
approach, and sales comparison approach. ▼ Any method of
estimating value.
Assessed Value ■ (1) A value set on real estate and personal property by a government as
a basis for levying taxes. (2) The monetary amount for a property as
officially entered on the assessment roll for purposes of computing the
tax levy. ▼An amount equal to 100% of the true tax value of property.
Also referred to as assessed valuation.
Assessment ■ (1) In general, the official acts of determining the amount of the tax
base. (2) As applied to property taxes, the official act of discovering,
listing, and appraising property, whether performed by an assessor, a
board of review, or a court. (3) The value of taxable property to which the
tax rate is to be applied in order to compute the amount of taxes. It may
be used synonymously with assessed value, taxable value, true tax value,
and tax base.
Assessment Level ■ The common or overall ratio of assessed values to market values.
Assessment Ratio ■ (1) The fractional relationship an assessed value bears to the market
value of the property in question. (2) By extension, the fractional
relationship the total of the assessment roll bears to the total market value
of all taxable property in a jurisdiction. See assessment level.
Assessment-Sale ■ The ratio of the assessed value to the sale price (or adjusted sale price)
Price Ratio of a property.
Central Tendency ■ (1) The tendency of most kinds of data to cluster around some typical
or central value, such as the mean, median, or mode. (2) By extension,
any or all such statistics.
Comparable Sales ■ (1) Recently sold properties that are similar in important respects to a
property being appraised. The sale price and the physical, functional, and
locational characteristics of each of the properties are compared to those
of the property being appraised in order to arrive at an estimate of value.
(2) By extension, the term “comparables” is sometimes used to refer to
properties with rent or income patterns comparable to those of a property
being appraised.
Dispersion ■ The degree to which data is distributed either tightly or loosely around
a measure of central tendency.
Level of Assessment ■ The common or overall ratio of assessed values to market values. See
also assessment level and assessment ratio.
Lien Date ■ The date on which an obligation, such as a property tax bill (usually in
an amount yet to be determined), attaches to a property and the property
becomes security against its payment.
Market Value The most probable price, as of a specified date, in cash, or in terms
equivalent to cash, or in other precisely revealed terms, for which the
specified property rights should sell after reasonable exposure in a
competitive market under all conditions requisite to a fair sale, with the
buyer and seller each acting prudently, knowledgeably, and for self-
interest, and assuming that neither is under undue duress.
Mass Appraisal ■ The process of valuing a group of properties as of a given date, using
standard methods, employing common data, and allowing for statistical
testing.
Mean ■ A measure of central tendency. The result of adding all the values of
a variable and dividing the number of values.
Measures of Central ■ A single point in a range of observations around which the observations
Tendency tend to cluster. The three most commonly used measures of central
tendency are the mean, median, and mode.
Property Wealth ▼ The abundance of economic utility realized from property rights.
Ratio Study ■ A study of the relationship between appraised or assessed values and
market values. Indicators of market values may be either sales (sales
ratio study) or independent “expert” appraisals (appraisal ratio study).
Of common interest in ratio studies are the level uniformity of the
appraisal or assessments.
Reassessment ▼ The revaluation of all properties within a given jurisdiction for the
purpose of establishing a new tax base.
Replacement Cost ■ The cost, including material, labor, and overhead, which would be
incurred in constructing an improvement having the same utility to its
owner as a subject improvement, without necessarily reproducing exactly
any particular characteristics of the subject.
Sales Chasing ■ The practice of using the sale of a property to trigger a reappraisal of
that property at or near the selling price. If sales with such appraisal
adjustments are used in a ratio study, the practice causes invalid
uniformity results and causes invalid appraisal level results, unless
similar unsold parcels are reappraised by a method that produces an
appraisal level for unsold properties equal to the appraisal level of sold
properties. By extension, any practice that causes the analyzed sample to
misrepresent the assessment performance for the entire population as a
result of acts by the assessor’s office. A subtle, possibly inadvertent,
variety of sales chasing occurs when the recorded property characteristics
of sold properties are differentially changed relative to unsold properties.
Then the application of a uniform valuation model to all properties results
in the recently sold properties being more accurately appraised than the
unsold ones.
Sales Price ■ The actual amount of money exchanged for a unit of goods or services,
whether or not established in a free and open market. A possible indicator
of market value.
Sales Ratio Study ■ A ratio study that uses sales price as a proxy for market values.
Statistics ■ (1) Numerical descriptions calculated from a sample. For example, the
median, mean, or coefficient of dispersion. Statistics are used to
estimate corresponding measures, termed parameters, for the population.
(2) The science of studying numerical data systematically and of
presenting the results usefully
Taxable Value ■ The appraised value minus all applicable exemptions, deductions, and
abatements. Property taxes are levied on taxable value. ▼ In Indiana, the
taxable value is referred to as net assessed value.
True Tax Value ▼ In the case of agricultural land, the value determined in accordance
with the Guidelines adopted by the Department of Local Government
Finance. True Tax Value means market value-in-use as defined in this
manual.
Valuation Date ■ The specific date as of which assessed values are set for purposes of
property taxation. ▼ The date as of which the true tax value of the
property is estimated. For 2021, the valuation date would be January 1,
2021.
Value-in-Use ■ The value of property for a specified use. ▼ The value a specific
property has for a specific use. Synonymous with Use Value and
Market Value-in-Use.
The purpose of this section of the rule is to give the assessing official an introduction to, and an
overview of, mass appraisal methods and models. It is not the intent to be all-inclusive or to be
the definitive source of information on the topic. Those desiring more detail on the subject are
referred to the IAAO textbook, Fundamentals of Mass Appraisal; copyright © 2011 by the
IAAO (ISBN Number: 978-0-88329-198-6), 314 W 10th Street, Kansas City, Missouri 64104-
1616.
As defined by the IAAO and in the Definitions section of this rule, mass appraisal is, “The
process of valuing a group of properties as of a given date using standard methods, employing
common data, and allowing for statistical testing.” This definition can be compared to single-
property appraisal, which is the process of valuing an individual property as of a given date.
Although the two differ in the areas of data analysis and the degree of quality control required,
they are similar in the steps applied to arrive at a final conclusion of value. Both are applied
economic theory and have as a foundation various economic principles and theories.
Mass appraisal and single-property appraisal methods are based on what are known as the three
approaches to value. These approaches are the cost approach, the sales comparison approach, and
the income approach. They are three distinct ways of looking at property and estimating its
value. The approaches to value offer three different alternatives a potential buyer has when
deciding to make an offer on a property.
Cost Approach
The cost approach to value is based on the assumption that potential buyers will pay no more for
the subject property than it would cost them to purchase an equally desirable substitute parcel of
vacant land and construct an equally desirable substitute improvement. In this approach, the
appraiser calculates the cost new of the improvements, subtracts from it accrued depreciation to
arrive at an estimate of the improvement's value, and then adds the value of the land as if vacant
to arrive at an estimate of the subject property's total value. It can be expressed in a formula as
follows:
(RCN - D) + LV = V
The sales comparison approach to value is based on the assumption that potential buyers will pay
no more for the subject property than it would cost them to purchase an equally desirable
substitute improved property already existing in the market place. In this approach, the appraiser
locates sales of comparable improved properties and adjusts the selling prices to reflect the
subject property's total value. The adjustments are the quantification of characteristics in
properties that cause prices paid to vary. The appraiser considers and compares all possible
differences between the comparable properties and the subject property that could affect value.
Objectively verifiable market evidence should be used to determine these items. Items, which are
identified as having an influence on value in the market place, are then quantified by the use of
their contributory values. These contributory values then become the adjustments which are
added to, or subtracted from, the selling price of the comparable property.
SP ± Adj = V
Income Approach
The income approach to value is based on the assumption that potential buyers will pay no more
for the subject property than it would cost them to purchase an equally desirable substitute
investment that offers the same return and risk as the subject property. It considers the subject
property as an investment and, to that end; its value is based on the rent it will produce for the
owner. It can be expressed in a formula as follows:
V = I ÷ R
Where: V = Value
I = Income
R = Rate
All three approaches to value are the basis for any single-property or mass appraisal “model”
used by an appraiser. A “model” is defined by the IAAO, and in the Definition section of this
rule, as “A representation of how something works; for purposes of appraisal, a representation
(in words or an equation) that explains the relationship between value ... and variables
representing factors of supply and demand.” The appraisal model selected and used by the
appraiser can be thought of as the formula that is mathematically processed to arrive at an
estimate of value for a property. Therefore, the formulas given for the three approaches to value
above could be referred to as “models”.
These general models of the three approaches to value outlined above can be refined and
expanded through a process referred to as model specification. Model specification is the
designing of a model that is based upon appraisal theory and attempts to reflect the actions of
buyers and sellers in the market. Specification of a model includes choosing variables to be
included in the formula and mathematically defining their relationship to each other and the
property’s value.
As can be seen from the above demonstration, models can become very sophisticated in their
attempt to reflect market conditions.
There are a multitude of models that have been developed for the mass appraisal process by
assessing officials, vendors, and academics. Any of these models may be capable of producing
accurate and uniform values for a particular class of property within a specified geographic area.
However, not all models can be used for every type of property or in every jurisdiction nor do
they all offer ease in administration. The market dictates what type of models should be used and
administrative constraints, such as knowledge of the user and budget concerns, dictate what
models can be used.
Whatever mass appraisal method(s) and model(s) a county chooses, they must be capable of
producing accurate and uniform values throughout the jurisdiction and across all classes of
property.
Any mass appraisal method must have certain types of data available. These minimum data
requirements are intended to allow taxpayers to understand the valuation process and provide the
necessary information for the Department of Local Government Finance to perform its duties.
These requirements are not intended to be restrictive but only to standardize the minimum data
each county must have in its mass appraisal method. Any additional data a county wishes to
collect is allowed under this manual.
Parcel Number
County
Township
Corporation
Rectangular Survey Section #
Subdivision/Plat Name
Ownership information
Street Address
Property Class Code (See Appendix A)
Taxing District #
Neighborhood Code (residential only)
Land Type Code (See Appendix B)
Land dimensions
Land Size
Improvement(s) Sketch with labels
Improvement Photograph (principal structure)
Year of Construction for all improvements
Condition Rating of all improvements
Sales History with sales prices, annotated for any adjustments
Assessment History from the last reassessment forward; broken down by land,
improvement, and total
Comparative Data:
The accuracy and uniformity of the assessments produced by any mass appraisal method shall be
measured by an assessment ratio study. Should the results of the study show the assessments to
be inaccurate and/or non-uniform, equalization shall be the remedy.
In addition to the assessment ratio study, the Department of Local Government Finance may
apply IAAO statistical tests and analysis and other analysis the Department may develop to
determine whether the assessments are accurate, uniform, and equitable and in accordance with
the IAAO standard.
A ratio study is a measure of the performance of a mass appraisal method. It compares the
assessing official’s estimate of value with objectively verifiable data. The objectively verifiable
data used in the comparison comes from selling prices and single-property appraisals prepared
independent of the assessment process. Sales based ratio studies are preferred because they are
less expensive and are more objective than independent single property appraisals.
The ratios used in assessment ratio studies are computed on individual properties by dividing the
assessing official’s estimate of assessed value, for the property by the sale price, or by an
appraised value developed by single-property appraisal methods. If sale price was used, the ratio
would be known as the assessment-sale price ratio. If appraised value was used, the ratio would
be known as the assessment-appraisal ratio. The formula for an assessment-sale price ratio
follows:
A/S = (AV) SP
For example, assume a property sold for $104,000 and was assessed for $79,000. Applying the
above formula would yield the following:
In this example, the assessment-sale price ratio would be 0.76, which is the equivalent of
seventy-six percent (76%). In other words, this property is assessed at seventy-six (76%) of the
value it should be assessed. Ideally, all assessment ratios should be at one hundred percent
(100%) in order to be considered accurate.
The ratio study uses assessment ratios as the basic data to measure the performance of a mass
appraisal method. It statistically measures the accuracy and uniformity of the assessments
produced by the mass appraisal method. Accuracy is measured through the application of
statistics by measures of central tendency. Uniformity is measured through the application of
statistics by measures of relative dispersion.
The statistical measure of central tendency most often used in assessment ratio studies is the
median. The statistical measure of relative dispersion most often used is the coefficient of
dispersion about the median. Both of these measures are defined in the definitions section of this
rule.
The median assessment ratio reveals the “average” level at which property is assessed. If, for
example, the median assessment ratio for single-family homes in a particular neighborhood is
0.86 (86%) the conclusion can be drawn that, on the average, all homes are assessed at 86% of
their value. If the assessment level is supposed to be 100% for this neighborhood, then the ratio
study has shown that single-family homes are underassessed and, therefore, not accurately
assessed. Ideally, the median should be at 1.00 (100%). This means all properties are, on the
average, accurately assessed. But since mass appraisal methods produce only estimates of value
and are not an exact science, the actual median assessment ratio may vary from the ideal.
The coefficient of dispersion reveals the “average” difference between individual assessment
ratios and the median assessment ratio. It demonstrates the typical amount of deviation the
individual assessment ratios have from the median. If, for example, the coefficient of dispersion
about the median ratio for single-family homes in a particular neighborhood is 0.18 (18%) the
conclusion can be drawn that the individual assessment ratios deviate, on the average, plus or
minus 18% from the median assessment ratio. Ideally, the coefficient of dispersion should be at 0
(0%). This means all properties are assessed at the level shown by the median and, therefore, no
deviation is present. But, like the median assessment ratio, the actual coefficient of dispersion
may vary from the ideal.
Equalization
Standards for evaluating the accuracy and uniformity of mass appraisal methods have been
developed by the assessing community. These standards state the overall level of assessment, as
determined by the median assessment ratio, should be within ten percent (10%) of the legal level.
In Indiana, this means the median assessment ratio within a jurisdiction should fall between 0.90
(90%) and 1.10 (110%) in order to be considered accurate. This standard of ten percent (10%) on
either side of the value provides a reasonable and constructive range for measuring mass
appraisal methods.
These standards also state the coefficient of dispersion about the median should be at 0.15 (15%)
or less for single-family residences and 0.20 (20%) or less for other classes of property. If the
coefficient of dispersion is at, or below, these standards, then the mass appraisal method has
produced uniform assessments. However, if the coefficient of dispersion is above these
standards, then the mass appraisal method has produced non-uniform assessments.
Whenever inaccurate and/or non-uniform assessments are present, the county assessor and the
Department of Local Government Finance are required to equalize assessments. Equalization of
assessments is the process of ensuring all property is, on the average, accurately and uniformly
assessed. The equalization process can be accomplished in two ways; through the application of
factors to correct the accuracy and through reassessment to correct non-uniformity.
The following decision chart shows when each of the equalization procedures are appropriate:
More details on assessment ratio studies and equalization will be found in the equalization rule,
50 IAC 17.
Class Code 2 The legal description is being valued for severed mineral rights at a flat value of sixty dollars
($60) per acre
Class Code 4 Commercial taxable land and improvements used for general commercial and recreational
purposes
400 Vacant land 422 Discount and junior 443 Drive-up/walk-up 460 Theaters
401 4 to 19 family department stores bank only 461 Drive-in theaters
apartments 424 Full line department 444 Full service banks 462 Golf range or
402 20 to 39 family stores 445 Savings and loans miniature course
apartments 425 Neighborhood 447 Office building (1 or 463 Golf course
403 40 or more family shopping center 2 story) 464 Bowling alley
apartments (Strip center) 448 Office building (O/T 465 Lodge hall
409 Parcel classified as 426 Community 47 walk-up) 466 Amusement park
vacant but is part of shopping center 449 Office building (O/T 467 Health club
the support land for 427 Regional shopping 47 elevator) 468 Ice rink
another structure center 450 Convenience market 469 Riverboat gaming
410 Motels or tourist 428 Convenience market with gasoline sales resort
cabins 429 Other retail 451 Convenience market 480 Commercial
411 Hotels structures / franchise-type warehouse
412 Nursing homes and 430 Restaurant, café, or restaurant with 481 Commercial
private hospitals bar gasoline sales mini-warehouse
415 Mobile home parks 431 Franchise-type 452 Auto service station 482 Commercial truck
416 Commercial camp restaurant 453 Car washes terminals
grounds 435 Drive-in restaurant 454 Auto sales and 490 Marine service facility
419 Other commercial 439 Other food service service 495 Marina
housing 440 Dry clean plant or 455 Commercial garage 496 Marina – small boats
420 Small detached retail laundry 456 Parking lot or 498 Structure on leased
of less than 10,000 441 Funeral home structure land
square feet 442 Medical clinics or 499 Other commercial
421 Supermarkets offices structures
Class Code 5 Residential taxable land and improvements used primarily for residential purposes
500 Vacant platted lot 510 One family dwelling 521 Two family dwelling 531 Three family dwelling
501 Vacant unplatted on a platted lot on unplatted land of on unplatted land of
land of 0 to 511 One family dwelling 0 to 9.99 acres 0 to 9.99 acres
9.99 acres on unplatted land of 522 Two family dwelling 532 Three family dwelling
502 Vacant unplatted 0 to 9.99 acres on unplatted land of on unplatted land of
land of 10 to 512 One family dwelling 10 to 19.99 acres 10 to 19.99 acres
19.99 acres on unplatted land of 523 Two family dwelling 533 Three family dwelling
503 Vacant unplatted 10 to 19.99 acres on unplatted land of on unplatted land of
land of 20 to 513 One family dwelling 20 to 29.99 acres 20 to 29.99 acres
29.99 acres on unplatted land of 524 Two family dwelling 534 Three family dwelling
504 Vacant unplatted 20 to 29.99 acres on unplatted land of on unplatted land of
land of 30 to 514 One family dwelling 30 to 39.99 acres 30 to 39.99 acres
39.99 acres on unplatted land of 525 Two family dwelling 535 Three family dwelling
505 Vacant unplatted 30 to 39.99 acres on unplatted land of on unplatted land of
land of 40 or more 515 One family dwelling 40 or more acres 40 or more acres
acres on unplatted land of 530 Three family 540 Mobile or
509 Parcel classified as 40 or more acres dwelling on a platted manufactured home
vacant but is part of 520 Two family dwelling lot on a platted lot
the support land for on a platted lot
another parcel
Continued on next page.
600 Exempt property 640 Exempt property 665 Exempt property 686 Church, chapel,
owned by the United owned by a owned by a public mosque, synagogue,
States of America municipality library tabernacle, or
610 Exempt property 645 Exempt property 669 Other exempt temple that is
owned by the State owned by a property owned by a granted an
of Indiana municipal housing governmental unit exemption
620 Exempt property authority 670 Exempt property 690 Exempt property
owned by a county 650 Exempt property owned by a private owned by a
621 Exempt property owned by a board of academy or college cemetery
certified for education 680 Exempt property organization that is
treasurer’s sale 660 Exempt property owned by a granted an
622 Exempt property owned by a park charitable exemption
held for resale district organization that is 699 Other exempt
630 Exempt property 661 Exempt property granted an property owned by
owned by a owned by a exemption an organization that
township conservancy district 685 Exempt property is granted an
662 Exempt property owned by a religious exemption
owned by a sanitary organization that is
district granted an
exemption
Class Code 8 Taxable land and improvements owned by a public utility company
800 Locally assessed 825 Locally assessed 845 Locally assessed 861 State assessed
vacant utility land property owned by a property owned by a property owned by a
805 Locally assessed light, heat, or power railroad company- telephone, telegraph,
vacant utility land- company-industrial industrial or cable company
industrial 830 Locally assessed 850 Locally assessed that constitutes a
810 Locally assessed property owned by a property owned by a part of any right-of-
property owned by a pipeline company sewage company - way of the
bus company 831 State assessed commercial distribution system
811 State assessed property owned by a 851 State assessed 865 Locally assessed
property owned by a pipeline company property owned by a property owned by a
bus company that constitutes a sewage company telephone, telegraph,
815 Locally assessed part of any right-of- that constitutes a or cable company -
property owned by a way of the part of any right-of- industrial
bus company- distribution system way of the collection 870 Locally assessed
industrial 835 Locally assessed system property owned by a
820 Locally assessed property owned by a 855 Locally assessed water distribution
property owned by a pipeline company- property owned by a company -
light, heat, or power industrial sewage company - commercial
company 840 Locally assessed industrial 871 State assessed
821 State assessed property owned by a 860 Locally assessed property owned by a
property owned by a railroad company property owned by a water distribution
light, heat, or power 841 State assessed telephone, telegraph, company that
company that operating property or cable company - constitutes a part of
constitutes a part of owned by a railroad commercial any right-of-way of
any right-of-way of company the distribution
the light, heat, or system
power company 875 Locally assessed
property owned by a
water distribution
company - industrial
Note: Under class code 8, subclass codes 21, 31, 41, 51, 61, and 71 have a zero value at the local level.