"Personal property"

# (1)

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

# (2)

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

# (A)

held for sale in the ordinary course of a trade or business;

# (B)

held, used, or consumed in connection with the production of income; or

# (C)

held as an investment;
is installed;

# (3)

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

(A) is being held as an investment; or

(B) is depreciable personal property; and

# (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) Commercially planted and growing crops while in the ground.

(2) Computer application software.

(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.