Indiana is in the process of a statewide general reassessment, which means assessors are diligently working to physically inspect each and every property. The goal: To make sure each property's assessment value accurately reflects its true market value.
As you might imagine, this is a tedious and time-consuming process. Because it doesn't happen very often--it's been 10 years since Indiana's last general reassessment--some property owners may question whether the newly-assessed value of their property is correct. By definition, the assessed value is the amount a potential buyer would pay for the current use of a property (use value) as of March 1, 2012.
Understandably, property owners want to make sure they're getting a fair shake. In some cases, they may decide that it's in their best interest to file an appeal with the state in an attempt to have the assessed value of their property adjusted. (There are a number of factors that come into play, of course, but in some cases, this can be a very smart move!)
A word of caution: Be wary of consulting firms that open for business just as a statewide reassessment gets under way. Many of these businesses have no intent to stick around, planning instead to close their doors as soon as the reassessment dust has settled. Sadly, this does happen.
Instead, we hope you will continue to rely on the longstanding tradition of excellence that we have established here at Integrity. Many of our clients have been with us for years, and we are committed to providing sound tax advice year in and year out. We make it standard practice, in fact, to do comprehensive client reviews before, during and after a reassessment. In most cases, we can tell right away whether an appeal may be worthwhile, and we will gladly speak up on your behalf.
We have a solid reputation, and we work hard to maintain good relationships with assessing officials at both the state and county levels. This plays a big role in our success, making us a consistent leader in our field.
The staff at Integrity also wants you to know that we're here for the long haul. When the current reassessment is behind us, you'll still receive the same level of trustworthy service you have always received. Our commitment to you will never waver -- you have our word.
New Law: Could You Be Eligible for Extra Tax Savings?
Good news! If you own an industrial building that is considered vacant (less than 25 percent occupied), you may now be eligible for some significant tax savings.
The Indiana General Assembly recently approved a bill that loosens requirements for property owners who want to take advantage of the state's industrial recovery tax credit when renovating vacant, industrial buildings. Gov. Mitch Daniels signed the bill into law.
The credits, which are awarded by the Indiana Economic Development Corp., can now be applied to buildings that are 15 years old. (Previously, a building had to be at least 20 years old to qualify.) Smaller buildings (those that are just 50,000 square feet as opposed to 250,000 square feet) are also included under the new guidelines. (The minimum will rise to 100,000 square feet after in 2015.)
Additionally, a building needs to be vacant for only a year before it qualifies for the credit. Previously, the minimum requirement was two years.
Property Tax Specialist Cindy Stanford joined Integrity Tax Consulting in January 2010, bringing 10 years of experience in real estate and personal property tax consulting. Cindy is a certified tax representative, a Level II assessor/appraiser and a member of the Indiana chapter of the International Association of Assessing Officers. She is on track to complete the Level III designation by the end of this year.
