Indiana's next statewide real property revaluation/reassessment is scheduled for 2011. However, local officials must now make annual adjustments to real property assessments to reflect the effects of inflation and deflation between revaluations.
The March 1, 2007, assessment date (for taxes payable in 2008) will include a trending factor. This factor will be placed on the current March 1, 2006, assessment to reflect the increase or decrease in value between January 1, 2005, and January 1, 2006. For example, a trending factor of 1.25, or 125%, indicates values in the property's area have increased 25% since January 1, 2005.
Since the annual adjustments are based on sales and other market data, we anticipate noteworthy increases in assessed values for property taxes in areas where there has been significant appreciation in real estate over the past two years.
Notices for taxpayers in Hamilton County were issued on January 14, 2008. It is recommended that appeals be filed no later than February 26, 2008. Notices for properties in Boone, Hendricks and Johnson counties are anticipated shortly.
When an assessment notice is issued, the taxpayer has a 45-day window from the date of the notice to file an appeal contesting the assessment. This is the time to review your current real property assessment. It is important to know that, in some cases, a developer's discount or automatic abatement (RPID - Investment Deduction) may apply to a taxpayer's land value. These discounts can provide relief to areas facing significant changes in assessed property value.