Purchases of Industrial Magnets Attract Indiana Use Tax Assessments; One Sticks, Three Don’t

Purchases of Industrial Magnets Attract Indiana Use Tax Assessments; One Sticks, Three Don’t

Producer of dry milled corn products claimed it used magnets in its production process The Indiana Department of Revenue assessed use tax against a producer of dry milled corn products for its purchases of industrial magnets.  Producer claimed the magnets were exempt from sales and use tax because they were used … [Read more...]

Indiana Board of Tax Review rules on application of new statute permitting use of comparable assessments to challenge a property’s value

Indiana Board of Tax Review rules on application of new statute permitting use of comparable assessments to challenge a property’s value

          Indiana Code § 6-1.1-15-18, added to Indiana law by P.L. 146-2012, provides that to accurately determine a property’s market value-in-use, a taxpayer or an assessing official may: (1) in a residential property proceeding, introduce evidence of the assessments of comparable properties located in the same … [Read more...]