Indiana Property Tax Bills Due May 10th

Indiana property owners need to have their first installment of the 2018 payable 2019 property tax bills to their county treasurer’s office by Friday, May 10.  The second installment is due later in the year, November 10th (11th because of the weekend this year).

If you haven’t yet made a payment, do so by Friday so as not to incur any penalties. After Friday, penalties and interest begin to accrue. If you have questions on your bill, contact your local official.

If you feel your assessed value may be incorrect or needs reviewed by an expert, give us a call at 219-472-8682 to see if Innovative Property Tax Solutions can help.

By Definition: What is the difference between Market Value In-Use and Market Value?

Indiana’s system of market value-in-use was established based on legislative changes that went into effect in 2002. This new system replaced the old assessment practice of only reassessing every 10 years. Annual adjustment or “trending” is now performed each year in order to try to keep property values consistent with what the local real estate markets will sustain. But what is the difference between what Indiana considers market value in-use and actual market value and how do they relate?

Let’s start first with Market Value since that is what most people are familiar with. Market value is generally accepted to be the most probable price which a property would bring in a sale between a willing buyer and seller under arms-length conditions, in an open market with adequate market exposure and reasonable marketing time. Market value, or MV as we will refer to it from now on, is sometimes considered a properties value in exchange. In simplest terms, how much is someone willing to spend to acquire the property. If you list your apartment building on the market for 120 days, asking $2,000,000, receive a few offers in that time frame, and eventually sell for $1,800,000, that final value would be the MV.

Market value in-use (MVIU) is slightly different in definition but, at least in Indiana, very similar in application. MVIU is the value for a specific property for a specific use. In other words, it is the value of the property based on its utility to its current owner or similar owner for its particular use. The MVIU could be considered the price that would induce the owner to sell and the buyer to buy a property and continue using it at its current use. If we’re talking about a residential property, the MVIU should be reflective of the fact that it is a property someone lives at rather than a commercial location for example. In another example, lets say you own an office building that you then sell in an arms-length transaction and it continues to be used as an office building afterward. In this case, the sales value would be indicative of the MVIU as well as the MV.

In markets where sales do not represent the utility to the owner, the MVIU will not be equal to the MV. As an example, in the case of special use properties, the utility to its owner may sometimes be higher than their sales price. Another case would be a market where owners are motivated by non-market factors. Take an operational farm at the edge of urban sprawl and commercial development, for example. The market would call for more commercial development here rather than farming and thus, a higher market value of the land. However, agricultural land is traditionally valued very low from an assessment standpoint and should continue to be as long as it remains agricultural in nature.

If all of this sounds confusing, you are probably in the majority. Innovative Property Tax Solutions is a full service property tax consulting firm that specializes in navigating this confusion for you. Our team of expert Level III Certified Assessor/Appraisers have many years of experience and training with property assessment analysis and appeal representation.

If you aren’t sure if your property is at the correct market value in use, give us a call today and speak to one of our experts. 219-472-8682.

By Definition: What is this “trending” thing I keep hearing about on my property?

In Indiana, property owners all pay property taxes twice a year, once in May and again in November. The tax amount owed is a result of two things, the tax rate and the assessed value. Many times the question comes up as to why the assessed value of the property changes every year, regardless of whether there is a change made to the property. This occurrence is referred to as an annually adjusted property value or trended value. But what exactly does that mean? Let’s start with a little background.

In 1999, the Indiana Supreme Court ruled that the previous system that involved reassessing properties every 10 years was unconstitutional. This ruling forced the State legislature to devise an assessment plan that better reflected a market relatable values. Indiana lagged behind most of the country at this point, since almost all 50 states had already changed their assessment systems to reflect local market conditions. In 2002, the state began shifting their process and moved to what is known as a market value in-use system of assessment.

To accomplish this task, assessors implement annual adjustments or trending within each taxing district throughout the state. This involves calculating differences between the prior year assessment of a property and current or more recent sales data from similar properties. In the case of residential properties, sales of like homes within similar neighborhoods are collected and analyzed. For commercial or industrial properties, market data is compiled for property types within each class to make a determination. Once the difference is determined, either positive or negative, a factor is created so the assessor can adjust values closer to what the market value-in-use would reflect.

The ultimate goal here is to eliminate the large, lump sum “catch-up” adjustments that occurred under the old system of 10 year assessments. Because property values consistently rise and fall over time, trending is designed to make value determinations appear more realistic. As a result, taxpayers may see a concurrent rise or fall in their assessments from year to year. Or, sometimes the may even see no change at all.

How do you know your assessment is correct?

Your assessment should be reflective of what a willing buyer would pay for the property at the time of assessment. For instance, for 2019, the assessment date is January 1, 2019. If your 2019 assessment is accurate, it should represent approximately what your property could have sold for on or near January 1, 2019. If your assessment is inaccurate, the value will be something other than what normal market conditions will dictate at that time.

Innovative Property Tax Solutions can help make that determination for you and represent you throughout the process of having incorrect values corrected. Our team of Level III Certified Assessor/Appraisers have many years of experience and training in market analysis, cost reconstruction, and income based assessment analysis. We make sure your assessments are correct and accurately reflect market value, ensuring you are only paying your fair share in taxes and nothing more.

Give us a call today at 219-472-8682 and speak with one of our experts.

Council admits tax increase more than anticipated – Bob Cox – Journal Review

The Montgomery County Council met Tuesday for the first time since the news about the increase of property tax payments for homeowners became available. The issue was discussed in detail by council members and those in attendance. At the end of the meeting it was clear no councilman has the exact answer on the complicated and complex reasons some property tax payments have doubled. Every councilman was as surprised as the general public.

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At Innovative, we ensure the property tax bills you pay each year are correct and free from error.  With increased tax rates, changes in tax law, and numerous additional taxes and fees appearing on tax bills, it is important now more than ever to make sure you are minimizing every expense to maximize profitability.  Innovative Property Tax Solutions are the experts you need to make sure you are only paying your fair share of property taxes.  We have the honesty, professionalism, experience and knowledge you need on your side.  

Call us today to see how we can help! 219-472-8682

Property tax bills are due soon in Indiana

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


Lake County is sending out the 2018 tax bills…a little something extra in Hammond & Lowell’s bills… – Bill Dolan –

CROWN POINT — Residents of Hammond and Lowell will see a bump in their 2018 tax statements, which are being mailed out this week.

Lake County Treasurer Peggy Katona said more than 200,000 bills, coming due next month, are on their way.

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At Innovative, we make sure property tax bills you pay each year are correct and free from error.  With increased tax rates, changes in tax law, and numerous additional taxes and fees appearing on the 2018 tax bills, it is important now more than ever to make sure you are maximizing every expense.  Innovative Property Tax Solutions are the experts you need to make sure you are only paying your fair share of property taxes.  We have the honesty, expertise, experience and knowledge you need on your side.  

Call us today to see how we can help! 219-472-8682

Look Beyond Acquisition Price to Reduce Property Tax Assessments – David A Seuss – Multifamily Executive

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.

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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

The odds are good if you appeal your property assessment in St. Joseph County – Erin Blasko – South Bend Tribune

SOUTH BEND — Chuck Watts was unhappy to learn recently that he’d pay more in property taxes this year after the county increased the taxable value of his Centre Township home by more than $20,000.

“I was shocked,” said Watts, who has lived there since 1993 and has never seen such an increase. He plans to appeal the $164,000 assessment.

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If you have a commercial/industrial property or multi-family rental that you feel you may be overpaying your property taxes on, give us a call.  Our risk-free review and analysis of your situation could save you hundreds, even thousands of tax dollars.  219-472-8682.

Tuesday is last day to pay spring property tax bills – NWITimes – Bill Dolan

CROWN POINT — Lake County Treasurer Peggy Katona said her offices will have extended hours Tuesday, the final day for paying the spring installment of this year’s property tax bill.

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The Appeal Deadline is May 23rd.  Give Innovative Property Tax Solutions a call today to see how we can save you from overpaying on your property taxes. 219-472-8682