Sec. 40. When the department of local government finance assesses distributable property which was omitted from the assessment for a particular year, the department shall, as nearly as possible, assess the omitted distributable property in the same manner that the department assesses other distributable property. The taxes due on the omitted distributable property shall be calculated by using the same tax rates which were applicable for the tax year that the distributable property was omitted from the assessment. The public utility company shall pay interest on the taxes due on the omitted distributable property at the rate of two percent (2%) per month, or fraction of a month. The interest due shall be calculated on the period of time beginning with January 1 of the year following the year in which the property was omitted from the assessment and ending with the day the taxes are paid. However, the department of local government finance may waive any portion of the interest due under this section at the time the department makes its final assessment of the omitted distributable property.
[Pre-1975 Property Tax Recodification Citation: 6-1-44-16 part.]
Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.64-1983, SEC.3; P.L.90-2002, SEC.85.
Structure Indiana Code
Chapter 8. Taxation of Public Utility Companies
6-1.1-8-1. Property Owned or Used by Public Utility Company
6-1.1-8-3. Companies Subject to Taxation; Exemptions
6-1.1-8-4. Companies Within and Partially Outside State; Tax Determinations
6-1.1-8-9. Light, Heat, or Power Companies
6-1.1-8-10. Pipe Line Companies
6-1.1-8-11. Railroad Companies
6-1.1-8-13. Sleeping Car Companies
6-1.1-8-14. Street Railway Companies
6-1.1-8-15. Telephone, Telegraph, or Cable Companies
6-1.1-8-17. Water Distribution Companies
6-1.1-8-20. Failure to File Statement; Penalty; Action by Attorney General
6-1.1-8-21. Copies of Various Reports; Requests From Department of Local Government Finance
6-1.1-8-24. Township Assessor or County Assessor Determination of Assessed Values
6-1.1-8-24.5. Solar Land Base Rates; Determination and Release
6-1.1-8-25. Assessment of Distributable Property
6-1.1-8-25.5. New Fixed Property Assessments; Notification
6-1.1-8-26. Valuation of Company Property
6-1.1-8-28. Tentative Assessment by the Department; Appeal Opportunity
6-1.1-8-29. Preliminary Conference; Notice of Final Assessment
6-1.1-8-30. Appeal to Indiana Board; Appeal to Tax Court
6-1.1-8-31. Appeal of Final Judgment; Court Procedure
6-1.1-8-32. Setting Aside Final Determination; Grounds
6-1.1-8-33. Appeal of Township or County Assessor's Assessment of Fixed Property
6-1.1-8-34. Rate of Tax; Time of Payment
6-1.1-8-37. Reassessment of Distributable Property; Refunds or Taxes Due
6-1.1-8-38. Lien; Collection of Delinquent Taxes; Penalties
6-1.1-8-39. Omitted Property; Assessment
6-1.1-8-40. Omitted Property; Rate of Assessment; Interest
6-1.1-8-41. Valuation Methods Used in Other States
6-1.1-8-42. Rules and Regulations; Promulgation