Evaluation of Property Tax Appeal Findings

Originally posted 2008-12-30 09:47:38. Republished by Blog Post Promoter

The objective of the series of videos that follows in the next couple of days is an evaluation of the the findings of property tax appellate court.  This evaluation is not a guarantee that you will be successful with your appeal for an assessment in your property taxes, but it does arm you with the tools needed to possibly becoming successful in your quest to get your property taxes adjusted in your favor.

For your convenience, below you will find the links to the property tax reviews that we will be evaluating:

• Appeal Review 1

http://www.ingov/ibtr/files/JackRipley.pdf

• Appeal Review 2

http://www.in.gov/ibtr/files/DavidandPatriciaSullivan.pdf

The Appeal Process has time ranges and time limits which also will be part of the video series of discuss.  Please find the link to that information below:

http://www.in.gov/ibtr/files/AppealsProcess

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Property Tax Appeal Review (Video 1 of Section 1)

Originally posted 2009-01-01 18:46:58. Republished by Blog Post Promoter

The objective of the series of videos that follows in the next couple of days is an evaluation of the the findings of property tax appellate court. This evaluation is not a guarantee that you will be successful with your appeal for an assessment in your property taxes, but it does arm you with the tools needed to possibly becoming successful in your quest to get your property taxes adjusted in your favor.

For your convenience, below you will find the links to the property tax reviews that we will be evaluating:

• Appeal Review 1

http://www.ingov/ibtr/files/JackRipley.pdf

• Appeal Review 2

http://www.in.gov/ibtr/files/DavidandPatriciaSullivan.pdf

The Appeal Process has time ranges and time limits which also will be part of the video series of discuss.  Please find the link to that information below:

http://www.in.gov/ibtr/files/AppealsProcess

The law that give jurisdiction power to the Appeal Board is below:

Public Law 198-2001

http://www.in.gov/legislative/iac/xml/old-ir/Vol24/10Jul/07NO050010226.pdf

Indiana Code 6-1.1-4-33

http://www.in.gov/legislative/ic/code/title6/ar1.1/ch4.html

Form 130 (Petition for Review of Assessment By Local Assessing Official – Property Tax Assessment Board of Appeals)

This form is used to petition for property tax appeal.

http://www.in.gov/icpr/webfile/formsdiv/21513.pdf

Form 139 L (Petition for Review of Department of Local Government Finance Action)

This form is used to get money back for excessive property taxes.

http://www.in.gov/icpr/webfile/formsdiv/51104.pdf

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Protecting Your Investments – This article discusses the business entities that are available that are available for investors to protect their personal assets when buying and holding properties.

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Indiana Property Tax Appeal (Part 2) -Filing a property tax appeal can be difficult.  This article gives links to the forms needed to file the appeal and a video tutorial on filling the forms out.

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What Is Assessed Value and How Does It Influence My Property Tax

Originally posted 2008-12-23 15:35:34. Republished by Blog Post Promoter

In Indiana, the property tax that is paid on a home, land, building, business machine, or product for sale is determined by the assessed value that the assessor assigns to the asset.  Once the assessed value is determined the amount of property taxes paid on that value is determined by the tax rate for the city in which the property is located.

The tax rate is a very important part of the equation because the tax rate is determined by the budget the town officials believe is needed to run the city.  Items that are needed to run a city vary, but most city rely on property taxes to provide the following items to the citizens of that city:

• police
• fire safety
• library
• school
• health care department
• trash pick up

Some cities have all of these items on the property taxes making the cost to run the city very high.

Now, that the basis of what is included in the property taxes have been discussed.  Let’s look at the changes due to re-assessment of property taxes in Indiana.  In December 1998,  the Indiana Supreme Court ruled that the assessment value that was being used was unconstitutional, and the state needed to convert to market value.   Market value is thought to be more uniformed and fair.  It also satisfy the Supreme Court.   However, the change would cause an unfair change in property taxes adjustment to the homeowner.  The homeowner would see an increase of up to 33% and the business owner taxes would see a decrease of up to 18%.

In an effort, to reduce the burden that the reassessment was having on the homeowner, the Indiana General Assembly develop a bill to protect the homeowner.  The bill was to increase the sales tax to offset the property tax burden.  However, the bill did not solve the entire problem, and now the state is considering an uniformed flat rate of one percent of assessed value for homeowner, two percent of assessed value for landlord or investor, and three percent of assessed value for business owners.

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Good Indication that You Need to File a Property Tax Appeal

It is often difficult to determine the indication of needing to file a property tax appeal, but there are signs.

The following are a few good indication that a property tax appeal is necessary:

• One indication is when the description of the property does not match.  An example of such an error is a town home being labeled as a single family home.
• Another indication is when similar homes in the area sell for less than the assessed value.  Incidentally, most states, including Indiana, use market value or some variation of market value to determine the assessed value.
• Still yet, another indication of a need for property tax appeal is changes in the environment.  Change in environment includes rezoning, heavy traffic, drainage problems, building of new industry, freeways, or toxic waste in the neighborhood.
• Another indicating factor is the condition of the property.  If the property is environmental obscene.  The obscenity includes the roof needing replacement, inefficient heating, structural cracking, deterioration , and/or chronic defects.

It is important to not that every year is not an assessed year, but that does not preclude you from filing a property tax appeal.

It is equally important to note that any time an economy is plagued with foreclosures, short sales, and homeowners seeking bail out of homeownership are all good intentions that your property tax bill need a review and may be an appeal.