TAXATION AND REVENUE SYSTEMS—INDIANA. 
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(2) The county assessors, one in each county, elected every four 
years. 
(3) The county auditors, one in each county, elected every four 
years. 
(4) The county board of review, composed in each county of the 
county assessor, county auditor, and county treasurer, and two free 
holders, to be appointed by the judge of the circuit court. 
(5) The county treasurers are county tax collectors, and are 
elected for two years. 
(6) The state board of tax commissioners, three persons, appointed 
by the governor for a term of four years, together with the secretary 
of state and the auditor of state, the last two of whom shall be ex 
officio members. 
N. B.—The assessments made by township assessors serve also as 
city assessments. 
State Revenues. 
A. GENERAL PROPERTY TAXES. 
1. Base— 
a. The property included and exempt.—All property 
within the jurisdiction of the state not expressly 
exempted is subject to taxation. Property is classi 
fied for purposes of taxation as follows: 
(1) Real property, which includes all land within the state, and 
all buildings and fixtures; “railroad track,” including the right of 
way, stations, and improvements, except machinery, stationary en 
gines, and other fixtures, which are considered personal property. 
Possessory claims are treated as personal property. 
(2) Personal property, which includes all goods and chattels 
within the state; all ships and vessels at home or abroad owned in 
the state; all goods, etc., outside the state but owned by the inhab 
itants, except property permanently invested in another state; all 
credits less debts; all shares in corporations, not exempt, unless the 
corporation is itself taxed on all its property; shares in national 
banks, less the value of real estate taxed to the bank; all shares in 
foreign corporations except national banks; all moneys; all annui 
ties and royalties; all interests owned by individuals in lands the fee 
of which is in the United States; railroad rolling stock; franchises 
granted by the law of the state and used by any person or corpora 
tion; the mains, pipes, and wires of gas, electric light, and water 
works companies. 
(3) Exemptions from taxation include the personal and real prop 
erty of every manual labor school or college incorporated in the 
state, such real estate not to exceed 320 acres; every building used 
for educational, literary, scientific, or charitable purposes and the 
land thereof not exceeding 40 acres; free dispensaries of charitable 
associations; also the personal property, endowment, and income 
belonging to any such institution; churches and cemeteries; state, 
municipal, and highway bonds, mortgages and bonds of the state 
board of agriculture; funds of and property exclusively occupied 
by fraternal beneficiary associations; property of the Y. M. C. A. 
and Y. W. C. A.; personal property and one acre of land of any 
college Greek letter fraternity; property, other than real, of build 
ing and loan associations as such. Household goods to value of 
$100, although not exempt, can not be sold for delinquent taxes. 
h. Assessment.—In general, there is but one assess 
ment for the property tax for state, county, and 
municipal purposes. Most property is assessed by 
the township assessors, who work under the immediate 
supervision of the county assessors, who have power 
to list property omitted, and the county assessors in 
turn are under the direction of the state board of tax 
commissioners. 
In general, property is assessed on the basis of sworn 
statements returned to the assessors by the taxpayers, 
but the property of railroad, telegraph, and certain 
other corporations is assessed by the state board 
of tax commissioners, and the amount is apportioned 
among the counties in which the property is situated. 
Very heavy penalties, ranging from $10 to $5,000, 
or six months in j ail and 50 per cent increased assess 
ment, are provided for returning false lists or for refusal 
to swear to lists. 
Real estate is assessed but once every four years, the 
last assessments being in 1907 and 1911, and the as 
sessment is revised annually for improvements and 
other changes. All other property is assessed annually. 
The assessment refers to the 1st of March. 
Personal property is generally assessed where 
actually located, and not where the owner resides. 
Land is to be valued by the assessor at the price it 
would bring at private sale, and not at a forced or 
sheriff sale. The same rule applies to personal 
property. 
Mortgaged real estate is assessed to the mortgagor at full value, ex 
cept that the owner may deduct from such value the amount of any 
mortgage not exceeding $700 nor exceeding one-half the assessed 
value of the property, provided he reports the name and address of 
the mortgagee, who is then taxed upon the mortgage. 
While all interests in lands the fee to which is still in the state or 
the United States are to be assessed as personal property, lands sold 
by the state and not conveyed are to be taxed as if conveyed. 
Private bankers and brokers are assessed upon their real estate and 
the excess of their credits over their debts and deposits. 
State and national banks, except savings banks, are assessed upon 
their real estate, only the shares being taxable at market value, or, if 
there is no market value, at book value, less the value of the real 
estate. The assessment is made to the shareholders at the place 
where the bank is located, and the bank officers are required to fur 
nish the names and residences of the stockholders. 
Corporations in general, except as shown below, are assessed the 
same as individuals on all corporate property, including corporate 
stock and franchises. Corporate taxation is thus a part of the gen 
eral property tax system of the state. Shares in corporations, all 
the property of which is taxable, are not assessed to the shareholder. 
Every franchise is to be listed and assessed as personal property. 
The county board of review values and assesses the capital stock and 
all franchises and privileges of domestic corporations, including 
savings banks, unless otherwise provided. The capital stock is 
listed for taxation at its excess of value over franchises and tangible 
property. 
Railroad property, including street railroad property, denomi 
nated' railroad track and improvements thereon, and rolling stock, 
and all property belonging to telegraph and telephone companies, 
to express companies, to sleeping car companies (sleeping cars 
being defined to include palace, drawing-room, sleeping, chair and 
dining cars); and to oil or gas pipe line companies, are assessed 
by the state board of tax commissioners on the basis of the market 
value of the stock and bonds, less the value of real estate and tangi 
ble personalty taxed locally, and the assessment so made is appor 
tioned on a mileage basis to the assessment districts in which the 
property is located. 
c. Equalization.—The county board of review an 
nually equalizes the valuation of real and personal 
property assessed in each county. The board passes 
upon each individual valuation, hears complaints, and 
revises the assessment list. It also equalizes as be 
tween townships or divisions of townships and deter