(a) Subject to the limitation contained in subsection (b), "personal property" means:

1. (1) billboards and other advertising devices which are located on real property that is not owned by the owner of the devices;

2. (2) foundations (other than foundations which support a building or structure) on which machinery or equipment:

   1. (A) held for sale in the ordinary course of a trade or business;
   2. (B) held, used, or consumed in connection with the production of income; or

   3. (C) held as an investment;

      is installed;

3. (3) all other tangible property (other than real property) which:

   1. (A) is being held as an investment; or
   2. (B) is depreciable personal property; and
4. (4) mobile homes that do not qualify as real property and are not described in subdivision (3).

(b) Personal property does not include the following:

1. (1) Commercially planted and growing crops while in the ground.
2. (2) Computer application software.

3. (3) Inventory.

   [Pre-1975 Property Tax Recodification Citations: 6-1-20-4 part; 6-1-20-5.]

   Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.41-1984, SEC.1; P.L.98-1989, SEC.3; P.L.214-2005, SEC.10; P.L.146-2008, SEC.48; P.L.131-2008, SEC.2; P.L.1-2009, SEC.26.