§ 6-1-1-1-3

(a) Except as provided in subsection (b), 'assessed value' or 'assessed valuation' means an amount equal to:(1) for assessment dates before March 1, 2001, thirty-three and one-third percent (33 1/3%) of the true tax value of property; and(2) for assessment dates after February 28, 2001, the true tax value of property.(b) For purposes of calculating a budget, rate, or levy under IC 6-1.1-17, IC 6-1.1-18, IC 6-1.1-18.5, IC 6-1.1-20, IC 20-46-4 (before January 1, 2019), IC 20-46-5 (before January 1, 2019), IC 20-46-6 (before January 1, 2019), and IC 20-46-8 (after December 31, 2018), 'assessed value' or 'assessed valuation' does not include the net assessed value of tangible property excluded and kept separately on a tax duplicate by a county auditor under IC 6-1.1-17-0.5.[Pre-1975 Property Tax Recodification Citation: 6-1-20-10.]Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.24-1986, SEC.2; P.L.6-1997, SEC.6; P.L.291-2001, SEC.204; P.L.2-2006, SEC.35; P.L.146-2008, SEC.46; P.L.137-2012, SEC.12; P.L.244-2017, SEC.9.