INDIANA (Indiana's NewsCenter) - Hoosier property owners with large parcels of land could notice the value of their property increase significantly.
According to Huntington County Assessor Terri Boone, many people with land previously classified as agricultural are seeing their properties reclassified as residential.
IC 6-1.1-4-13(a) states that, "In assessing or reassessing land, the land shall be assessed as agricultural land only when it is devoted to agricultural use."
As a result, the assessed value per acre goes from $1,630 when classified as agricultural to $5,000 when classified as residential excess acreage.
For example, one Huntington County couple with more than 21 acres of land (primarily wooded property) saw the value of their land more than double. The assessed value was $31,400. It's now $68,000.
However, the home's value was decreased by $25,100, which resulted in the total value of the property rising by $11,500.
Boone says, "The bottom line is, look at your total value. If your total value is fair, what you would sell your property for, then I think we're being pretty fair and equitable. I hate it too. I don't like to do this to the people, but we have guidelines we have to follow."
Property owners have 45 days to file an appeal from the date he or she receives an assessment, but Boone says it's always best to call the county assessor's office first. Officials there can help walk residents through their assessment and address any questions or concerns.
For further information, visit the Department of Local Government Finance at http://www.in.gov/dlgf/
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