Proposed Assessment Change Could Increase Taxes

Proposed Assessment Change Could Increase Taxes

Story Published: May 15, 2008 at 9:00 PM EDT

Story Updated: May 15, 2008 at 9:00 PM EDT

By Nicole Pence

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Could your property taxes go up?
It's a possibility with a proposed change in how Indiana property assessments are done.
A wording change in the property assessment manual could affect areas that ate dually-zoned: that's a combination of commercial, residential or industrial.
The proposal might make it mandatory for assessors to label property "at the most probable price," which could make some home values skyrocket.
The proposal changes Indiana's outlook on property assessment by focusing on market values rather than assessing a property based on what it is used for.
While it's just a draft, some area assessors say it would be a nightmare for some homeowners.
Here's a possible scenario: a law office, restaurant, home, and rental property all valued differently.
If the D.L.G.F. wants values "at the most probable price", the residential properties could be bumped up to commercial levels, which would make property taxes go up.

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