Penn Township residents appeal property tax hike
MISHAWAKA, Ind. (WNDU) – Residents of Penn Township appealed their property tax increases after last year’s assessment at a town hall on Friday.
Property values have increased dramatically over the past few years and tax prices have also increased with this increase.
Residents of Penn Township asked assessor Michael Castellon many questions. They were told earlier this month to bring any evidence regarding the appeals process to Friday’s public meeting.
“So I’m looking at evidence that would give me an idea of the condition of the property, if they had structural damage, if they had termites, if they had foundation issues. Just things that wouldn’t not part of the normal assumption of the appraisal process. So we’re going to assume the house is habitable and all utilities are in working order. If you have a problem with any part of that then that would be the when to file an appeal so I can take a look at it as it may determine whether or not your property is worth a certain value,” Penn Township assessor Michael Castellon said.
A comprehensive three-year land survey was conducted by the Township of Penn last year. It was the first of its kind in 20 years and led to an increase in the value of property assessments around the township.
Another factor that leads to the increase in the value of property, whether residential, commercial, agricultural or many other uses, will play a role in determining assessed value.
There are three techniques that the Department of Local Government Finance (DLGF) requires appraisers to follow:
Cost approach – property specific data combined with an annual ratio study that examines the current market.
Income approach – estimating the value of a property based on the income generated by the property.
Mass valuation approach – based on neighborhood data sets to determine the average price.
“Last year, at the end of the year, property values increased by about 36%. If mortgage rates continue to rise, we would assume that the market would go back down, then you should see a change on the market next year.
Assessor Castellon stressed that residents should be vigilant when receiving new assessments and bring concerns to his attention if they arise.
“We are looking at a large number of properties,” Castellon said. “There is no way an assessment body can do an annual review of your property every year. It just won’t happen. So the mass valuation technique we’re looking at, assuming the property is in habitable condition and that’s what it would do in a market, and given that the market is really still out of control, in my opinion, is booming , we see that prices continue to soar. And as long as that happens, he controls the market. That’s why I told you that the appeal process is so imperative for me to review individual homes.
There is still time to file a Form 130 evaluation call, as they are due on June 15, 2022.
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