Have you received mail regarding your new property value yet?

Property values rise and fall over time. Because of this, annual adjustment or “trending” of property values has become part of Indiana’s move to produce a market-based property assessment system. This means that the assessment will reflect the current market value-in-use of a property.

The calculation is conducted by comparing the prior year assessment with current sales data from a neighborhood. The difference – either positive or negative – creates a factor that assessors apply to a property’s assessed value in order to get its current market value-in-use. With this system, you are assured that your assessment reflects market conditions during the prior year.

• Assessed Values in Kosciusko County

In Kosciusko County, median residential sale prices were up 10.3% in 2020 compared to the previous year. The large number of building permits issued and sales disclosures collected in 2020 also showed increasing market values. With the market really heating up, Kosciusko County real estate saw little to no harmful effects from the pandemic. Homeowners have continued to improve and fix up their homes so they can sell at, or even above listing price.

This means assessed values have increased in many townships.

In some areas, assessed values had increased or decreased by more than 10% compared to the previous year. In Monroe, Scott, and Washington, the increase in assessed value exceeded 10% due to factors such as new construction of homes, renovations, and adding outbuildings. Homesite value and excess acreage value are up by 10% and above in Monroe, Scott, Washington, Jefferson, Prairie, Washington and Wayne. In Seward Township, although the homesite and excess acreage values did not rise, assessed values still increased by more than 10% due to the rising base rate around small lakes in the township. In Van Buren, the assessed value of six parcels dropped by over 30% because of the reduced base rate in neighborhoods.

• What Is The Impact on Your Taxes?

Residential property tax is based on the assessed value. With the increase or decrease in the assessment you received, your resulting tax bill may also change in part. Aside from the assessment factor, the potential tax change may also be due to expenditures by the local government. 

• What if You Don’t Agree With Your Property’s Value?

If you feel like the assessment you received does not reflect the market value-in-use, or your tax appraisal is higher or lower than your property could actually sell for in the market, you can appeal it.

• How to Appeal Your Property’s Value*

A taxpayer must file a Form 130 with the township assessor or the county assessor (if the township is not served by a township assessor) to appeal an assessment. After filing a petition, the assessment may increase, decrease or stay the same.

 *Note: Deadline to file an appeal on the TOTAL assessed value is June 15, 2021

You can appeal your assessment without a lawyer or realtor. However, professional guidance can always help make the process easier and stress-free.