Why did my assessment change if I haven’t made any changes to my property?
State legislators passed a law (IC 6-1.1-4-4.5) effective in 2006 requiring assessors to annually adjust the assessed value of real property to account for changes in value. This is called “trending” and it is calculated based on sales in your “neighborhood” or area during the two years preceding the assessment date (2004 & 2005).
“Neighborhood” as defined by the Real Property Assessment Manual:
A geographical area exhibiting a high degree of homogeneity in residential amentities, land use, economic and social trends, and housing characteristics.
If you feel your assessed value is more than what you could sell your property for and you can provide evidence to substantiate this, please bring the evidence to the Assessor’s office (First floor, north end of east hall) in the County Courthouse.
You will also need to fill out a Petition For Review of Assessment (Form 130)
What kind of evidence do I need to provide?
The Indiana Tax Court has repeatedly stated that the most effective documentation is a professional appraisal.
Additional market data that may be relevant in establishing your case include:
– Sales comparison information (sales of similar homes in your area) (Per Indiana Tax Court, unless the properties are truly “identical” the taxpayer must account for any differences between the homes)
– Sale data (closing statement) from the sale of the subject property. However, if the sale is a tax sale, estate sale, distress sale, exempt sale or in any way does not represent market value, the sale information is unlikely to be deemed “probative” (serving for trial as proof).
Best appeal documentation:
1. Appraisal
2. Comparable Sales
3. Closing Statement (from “valid” sale of subject property)
