Ind. Admin. Code tit. 50, r. 29-3-4 – Income and expense statement | Midpage

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Indiana Administrative Code

§ 4

Ind. Admin. Code tit. 50, r. 29-3-4

Income and expense statement

Effective Oct 21, 2025Published Nov 12, 202520251112-IR-050240632RFAIC 6-1.1-4-42Department of Local Government Finance

Versions (2)

As of

Oct 21, 2025Current
Aug 30, 2012

Authority: IC 6-1.1-4-42

Affected: IC 6-1.1-4-42

Sec. 4. Income and expense information, which may include the following, should be arranged and evaluated by the assessing official in this order:

(1) Gross income (potential gross income).
(2) Miscellaneous income.
(3) Effective gross income.
(4) The following allowable expenses:
1. (A) Operating.
2. (B) Replacement reserves.
3. (C) Real estate taxes deducted under certain conditions.
4. (D) Management fees/expense.
5. (E) Insurance.
6. (F) Salaries.
7. (G) Benefits.
8. (H) Utilities.
9. (I) Advertising.
10. (J) Repairs.
11. (K) Supplies.
12. (L) Legal and accounting fees.
13. (M) Miscellaneous expenses.
(5) The following nonallowable expenses:
1. (A) Depreciation (reflected in the recapture rate).
2. (B) Capital improvements.
3. (C) Franchise fees and special corporation costs.
4. (D) Owner's personal expenses.
5. (E) Debt service (principal and interest on mortgage).
6. (F) Payments on loans for capital improvements.
7. (G) Real estate taxes not deducted as an expense under certain conditions (reflected in the effective tax rate).

(Department of Local Government Finance; 50 IAC 29-3-4; filed Aug 30, 2012, 2:00 p.m.: 20120926-IR-050120274FRA; readopted filed Oct 21, 2025, 9:19 a.m.: 20251112-IR-050240632RFA)