The Indiana Tax Court has affirmed the property tax liability assessed against a Howard County urban development company, finding issue with the company’s argument concerning Indiana’s definition of gross assessed value.
Kokomo Urban Development, LLC owns a moderate-income apartment complex in an economic revitalization area, or ERA, of Kokomo. As a result, Kokomo Urban was entitled to 100 percent ERA deduction for the 2015 tax year and a 50 percent deduction for the 2016 tax year.
In 2016, the Howard County auditor determined Kokomo Urban’s property tax liability was $47,720.46, which did not exceed the calculated 2 percent tax cap amount of $49,134. Kokomo Urban, however, argued its liability should have been capped at $25,000 under Indiana Code section 6-1.1-20.6-7.5. The issue, the company argued, was whether the 2 percent tax cap under that statute should have been applied to the property before or after the ERA deduction.
ANDERSON — The Indiana Tax Court has denied an appeal filed by Wigwam Holdings to change the assessed value of the iconic facility for 2015 property taxes payable in 2016.
Matt Carr, an attorney for Wigwam Holdings, said Thursday that an appeal could still be filed with the Indiana Supreme Court. He said that option is still being discussed.
Carr said Wigwam Holdings has filed appeals for the 2016, 2017, 2018 and 2019 assessed value on the 220,000-square-foot facility.
SOUTH BEND — When Ryan and Susan Greutman got their new property assessment in the mail this week, they were left baffled, wondering how a 300-square-foot addition to their home could lead to a 59 percent increase in its assessed value.
The couple extended the front wall of their house on the city’s northwest side, so they expected the value of it to increase. But when they received their notice this week, they saw their assessment jump from $123,000 to $194,400.
If you haven’t reviewed your new assessment yet, don’t wait. You can view property record, as well as anyone’s, on the county’s geographic information system at http://maps.macog.com/.
Check out you new value and give us a call at 219-472-8682 to see if you are overpaying on your property tax bill. Innovative Property Tax Solutions may be able to help.
May 10th is the statutory deadline to pay Spring installments of your annual Indiana property tax bills. Most counties have begun mailing their tax notices this week in order to have them in taxpayers hands in a timely fashion. Depending on where your property is located, you will be receiving one soon.
If there is any question to whether you may be overpaying your property taxes, now is the time to give us a call. Once tax bills are released, there is a very small window of opportunity to file an appeal. It is only 45 days from the mailing date of either the tax bills or a notice of assessment change. If you don’t file in that time frame, you can lose out on an entire year of potentially eligible tax savings. In addition, there could be other opportunities at reductions depending on your property type and how it is assessed.
Our team of property tax consulting experts will review your situation and help determine whether appealing your property could be beneficial for your business. We pride ourselves on making sure our clients have the lowest property tax liability possible. With increased tax rates, changes in tax law, and numerous additional taxes and fees appearing on many 2018 tax bills, it is important to make sure you are minimizing every expense. Innovative Property Tax Solutions is the expert team you need in your corner. We have the honesty, professionalism, experience and knowledge you need to ensure you are paying your fair share and nothing more. A few minutes with one of our experts could help save you big.
Contact us today to see how Innovative Property Tax Solutions can work for you to help save you valuable tax dollars. 219-472-8682
Multifamily property owners and appraisers are often creatures of habit. They generally calculate a property’s value for tax purposes the same way they do for an investment. If an apartment complex recently traded for $10 million, the buyer’s appraiser may reason that the property would be assessed at $10 million for taxation purposes.
This recent article in the Multifamily Executive highlights a case that Innovative Property Tax Solutions recently won at the Indiana Board of Tax Review. Our results provided our client thousands of dollars in tax relief.
Here is a link to the case…
Take a look and call us to see how Innovative can save you valuable tax dollars too!! 219-472-8682
CVS might need some Tylenol to soothe its property tax headache in Bloomington, Ind. where the Indiana Tax Court won’t prescribe a discount the retailer sought for a pharmacy’s valuation.
In April, the Indiana Supreme Court handed Kohl’s Corp. a victory when it agreed not to review a lowered property assessment that was awarded to one of Kohl’s stores because of the growing vacancy and dropping values of other shopping centers in its area.
If you think your business is overpaying property taxes, give us a call to find out. 219-472-8682.
ST. JOHN TOWNSHIP — Large increases in home values has many St. John Township residents up in arms and trekking to the township assessor’s office to file an appeal.
If you think you are overpaying on your property taxes, give us a call and we can help you find out. 219-472-8682.
A Hendricks County lodge that hosts both charitable and social events cannot qualify for tax exempt status because the organization that owns the lodge failed to prove it is a fraternal association or that the use of the lodge is for predominantly charitable purposes, the Indiana Tax Court has ruled.