FAQ's

What year do the new guidelines go into effect?

Will these new guidelines effect my current assessment?

Why have new guidelines been introduced?

What exactly is market value?

When will I know of the reassessment?

How long do I have to respond to the Notice of Assessment (Form 11)?

 

What year do the new guideline go into effect?

Indiana has undergone a complete revaluation for property purposes during 2002, for taxes payable in 2003.


Will these new guidelines effect my current assessment?

If you own real property in Indiana, your assessment will likely increase; if you own an apartment building, the assessment will most certainly increase.


Why have new guidelines been introduced?

The courts declared the 1995 reassessment unconstitutional because it failed to demonstrate any ties to the real estate market.


What exactly is market value?

The concept of market value assumes that a transaction is at arm's length, has a willing and knowledgeable buyer and seller neither of which are under duress, has adequate exposure to the market, and is paid for in cash or its equivalent.


When will I know of the reassessment?

A Notice of Assessment (Form 11) for each parcel will be mailed during 2002, posibly being completed in 2003.It shoud be noted that a Notice of Assessment (Form 11) can be mailed any year and with the advent of trending, an annual update to the assessment, it is likley that we will see this tale place more than in the past years.


How long do I have to respond to the Notice of Assessment (Form 11)?

Once the Notice of Assessment (Form 11) is mailed there is a 45-day window for the taxpayer to review and possibly appeal their assessment. A property owner also has forty (45) days from the date of the mailing of the tax bill to respond to the assessment for a conferene and possible appeal to the county assessor.



Copyright 2001. All rights reserved. Contact: The Forrestal Group, Inc.

Indiana Multi-Family Property Tax Advisory Group, LLC