"Severed interest" means:

1. (1) an improvement;
2. (2) mineral rights;
3. (3) air rights;
4. (4) water rights; or

5. (5) other rights in property in, on, under, or above the land;

   for which the owner or holder of the interest identified in the current real property tax records of the county auditor is sent a separate property tax statement.

As added by P.L.7-2023, SEC.1.