Indiana Code Title 6. Taxation § 6-1.1-4-46

Sec. 46. (a) This section applies to assessment dates after December 31, 2022.

(b) As used in this section, “self-service storage facility” means any real property designed and used for the renting of space under a rental agreement that provides a renter access to rented space for the storage and retrieval of the renter's property.

(c) The true tax value of a self-service storage facility must be determined based solely on the land and the improvements, less normal depreciation and normal obsolescence, and must exclude business intangible value.  Business intangible value is any value of the self-service storage facility and related business operations in excess of the depreciated replacement cost of the improvements and the value of the land.

(d) The true tax value of a self-service storage facility is the lowest valuation determined by applying each of the following appraisal approaches and excluding business intangible value: