Take action now to lower your property taxes in Indiana!
Businesses and individuals with Indiana real estate valued at $1,000,000 or more for tax purposes should act now to reduce their Indiana real estate tax bill. Long-term tenants obligated to pay property taxes should also take action.
It’s now or never! File your Notice of Appeal (Form 130) with the local assessment officer for the county in which your property is located by the annual appeal deadline of June 15, 2021. For most of Indiana, the Form 130 must be filed with the county assessor. . However, if your property is located within the jurisdiction of one of the remaining 13 township assessors in Indiana, your Form 130 must be filed with the township assessor. Although Indiana property tax bills for 2021 real estate assessment aren’t due until 2022, now is the time to challenge real estate “over-assessments.” If a Form 130 is not filed by June 15, 2021, the right to appeal is lost for that year, except in very limited circumstances.
More properties are re-evaluated in 2021! In 2020, many appraisers were delayed in reappraising properties; thus, they are re-evaluating many more properties in 2021. This property could be yours!
But, I did not receive a notice? ! In 2020, many appraisers were delayed in reappraising properties; thus, they are re-evaluating many more properties in 2021. This property could be yours!
Income-generating properties present discount opportunities! The tax assessment value of many leased commercial properties is affected by the potential for income generation, such as hotels, office buildings, shopping malls, apartments, etc. The challenges of 2020 can be an opportunity to reduce the assessed value of your property. . Note that many tenants of these properties often have the ability to appeal the tax assessment themselves under their tenancy agreements, so tenants of commercial properties should also investigate this possibility for tax savings. .
Is it worth it? The savings can really add up. For example, in Marion County (Metro Indianapolis), a writedown of $100,000 will typically result in an annual property tax decrease of about $3,000, and a writedown of $1,000,000 will a decrease in the annual tax of $30,000. Results may be similar in other Indiana counties. This can accumulate over several years.
Can I do it myself? Although many choose to represent themselves by challenging “overstatements” with the appraiser, many pitfalls and pitfalls exist for those unfamiliar with the process. A conference with the assessor is only the first step in a multi-step process, and failure to request or go through a given step may prevent a call to the next required step, such as a appeal to the County Property Tax Assessment Board of Appeals or the Indiana Board of Tax Review. Another consideration is to start off on the right foot, and experience helps. It is generally safer to involve a lawyer at the beginning, who knows the process and the property tax law.
Don’t wait, June 15, 2021 will be here before you know it.