42-12051. Treatment of partially completed or
vacant improvements; notification; exception
A. For the purposes of classifying property under article 1 of this chapter,
partially completed or vacant improvements on the land including improved common area
tracts shall be classified according to their intended use as demonstrated by objective
evidence.
B. For property that is not valued by the department, an improvement on the land is
considered to be partially completed when the foundation of the structure or structures
to be located on the property is in place.
C. The only portion affected by the reclassification is the improvement on the land
and that portion of the land that is necessary to support the use of the structure or
structures, except that common area tracts in residential developments associated with
partially completed improvements shall receive the same classification as the partially
completed improvements.
D. Property that is not valued by the department, that does not have a structure or
structures and that is actively used for commercial purposes shall be classified as
prescribed by article 1 of this chapter.
E. The department shall prescribe a form to be completed by the owner to notify the
assessor that the requirements of this section have been completed. The form shall state
the requirements for classification and shall provide the owner with information
concerning the reclassification of property. Filing the notice is mandatory, but failing
to notify the assessor does not prevent the reclassification of property if the
requirements are completed.
F. This section does not apply to property that is classified as agricultural
pursuant to article 4 of this chapter.
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