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Pursuant to State law, real property is valued. for assessment. purposes at its "true cash value" as defined in
<br />• rules and regulations promulgated by the State Board of Tax Commissioners. "True cash value does not
<br />mean fair market value. Current regulations define the true cash value, generally, as the reproduction value
<br />of property based on actual material and labor costs prevalent in the State of Indiana in 1985. -The local
<br />assessor may subtract from the reproduction value, an amount for normal depreciation, as provided in the
<br />regulations, as well as amounts for functional or economic obsolescence, as the assessor deems appropriate in
<br />accordance with the regulations.
<br />The "gross assessed value" is equal to 33-1/3% of the tnae cash value, as defined above. "Net assessed value"
<br />represents the gross assessed value less certain deductions .for mortgages, veterans, the aged, the blind,
<br />economic revitalization, and tax~xempt property. The net assessed value is the value used for taxing
<br />purposes in the determination of tax rates.
<br />TABLE 18
<br />Trend of Assessed Values
<br />Assessment
<br />Year Net Assessed
<br />March 1 Value 1
<br />1991 $617,573,087
<br />1990 614,580,764
<br />1989(2) 605,780,608
<br />1988 435,047,732
<br />1987 434,055,735
<br />1986 429,698,477
<br />1985 433,033,280
<br />1984 407,023,834 .
<br />1983 417,959,626
<br />1982 J 422,886,626
<br />• 1981 415,809,579
<br />1980 410,626,715
<br />(1) The assessed valued shown are net figures after subtracting all deductions for mortgages, veterans, the
<br />aged, the blind, and tax-exempt property. The net assessed values shown also do not include. valuation
<br />of the City's Urban Enterprise Zone and abated valuations. The assessed value of personal property in
<br />the Urban Enterprise Zone totals $22,848,700 in 1991, $22,786,780 for 1990, $24,468,820 for 1989,
<br />$24,660,040 for 1988, $24,437,827 for 1987 and $23,940,420 for 1986. This valuation is removed from
<br />the tax rolls for a period of ten years beginning March 1,1984. The Urban Enterprise Zone is part of a
<br />State program which offers various State tax credits for businesses in targeted areas. Abatement of real
<br />and personal property valuation reduced the taxable valuation of property by deceasing amounts over
<br />a term of up to ten years in accordance with State law and local ordinance. The total abated valuation
<br />(not included in the net assessed value figure above) for real-and personal property was $18,215,175 in
<br />1991, $18,212,420 in 1990, $32,848,630 in 1989, $22,532,170 in 1988, $22,822,340 in 1987 and
<br />$19,595,830 in 1986. The net assessed values for 1984 through 1988 also do not include tax incremental
<br />assessed valuation, which totalled $40,661,442 in 1991, $38,558,867 in 1990, $28,447,694 in 1989,
<br />$12,718,975 in 1988 and $6,930,155 in 1987.
<br />(2) The assessed value for 1989 was $646,730,745, but was reduced by approximately $40,950,137 due to
<br />assessment appeals. No other year listed reflects appeals, but it is believed- that the size of the 1989
<br />appeals is an aberration due to the general reassessment and not to reflect its effect would distort the
<br />historical trend.
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