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Exploring 2024 Property Tax Assessments: What You Need to Know

Tue, 23 Apr 2024 15:43:14 GMT

Maximize Savings and Minimize Stress

In St. Joseph, LaPorte, Elkhart, Marshall and counties all across Indiana, anticipation is building as residents await the arrival of their 2024 property tax assessments in the mail, expected to land in their mailboxes by May 1st. This year's assessments are generating considerable interest and concern due to anticipated increases in property taxes driven by rising property values. Fortunately, homeowners have options to navigate these changes. Let's explore the options and how property owners facing assessment-related challenges can navigate this complex system.

Understanding Property Assessments:

Property assessments form the basis for determining property taxes, reflecting the estimated market value of a property as determined by local assessors. These assessments are crucial for ensuring fair and equitable taxation based on current market conditions.

Rising Property Values:

One of the primary factors influencing property assessments in Indiana for 2024 is the significant increase in property values observed in recent years. A robust real estate market has driven up home prices, signaling economic vitality but also potentially leading to higher property taxes for homeowners.

Impact on Homeowners:

For many homeowners in Indiana, the prospect of higher property taxes can pose financial challenges, particularly for long-time residents or those on fixed incomes. As assessments rise, so too can tax bills, placing additional strain on household budgets.

Impact on Businesses:

The implications of rising property assessments extend beyond residential homeowners to affect local businesses in St. Joseph County as well. For commercial and industrial property owners, increased assessments can result in higher operating costs, potentially leading to elevated rental rates or overhead expenses. These additional financial burdens may, in turn, impact businesses' competitiveness and profitability, particularly for small businesses already operating on tight margins. Moreover, rising property taxes can influence business expansion decisions, with some entrepreneurs facing tough choices regarding investments in new locations or the retention of existing ones. In this landscape, Correct Property Tax's expertise can be invaluable to business owners, helping them navigate assessment challenges and explore strategies to mitigate the impact on their bottom line, fostering a thriving business environment in the local economy.

How Correct Property Tax Can Help:

Correct Property Tax offers expertise and assistance to residential and commercial property owners navigating the complexities of property tax assessments. Their experienced professionals understand the assessment process and can help property owners identify potential errors or discrepancies in their assessments, such as inaccuracies in property dimensions or valuation methods.

Appeals and Relief Programs:

Correct Property Tax can assist property owners in appealing their property assessments, advocating for adjustments that reflect fair market values and potentially lowering their tax obligations. Additionally, they can help owners explore available tax relief programs or exemptions for which they may qualify, providing financial assistance to mitigate the impact of higher property taxes.

Looking Ahead:

As property owners in Indiana prepare to receive their 2024 property tax assessments, it's essential to be informed and proactive. With Correct Property Tax LLC's support, taxpayers can navigate assessment-related challenges more effectively, ensuring fair and accurate taxation and safeguarding their financial well-being.

Conclusion:

The arrival of 2024 property tax assessments in Indiana, presents an opportunity for businesses and homeowners to assess their tax obligations and seek assistance where needed. Correct Property Tax offers valuable expertise and support for residents facing assessment-related challenges, from identifying errors in assessments to navigating appeals and exploring tax relief programs. By partnering with professionals like Correct Property Tax, property owners can confidently manage the impact of rising property taxes and secure their financial futures.

Representing Yourself In A Property Tax Appeal Is Risky

Mon, 02 May 2022 12:03:00 GMT

What Makes a DIY Property Tax Appeal So Complex?

Property tax appeals are something that all property owners should attempt every tax season. The county assessor is only human. Mistakes happen, and you could be eligible for lower property tax payments in the future.

Unfortunately, the property tax appeal process is much more complicated than simply filing your appeal and waiting on results. Thorough reviews, evidence, and (potentially) multiple hearings all go into the tax appeal process.

Attempting these steps with a DIY attitude and zero experience could result in you leaving thousands of dollars on the table.

Here’s some insight into what makes a property tax appeal so complex and why you should always work with a property tax consultant during your argument against high taxes.

FILING YOUR APPEAL MOVES QUICKLY

As we’ve mentioned before, filing your appeal is never as simple as just filing. If you feel that your property taxes are too high, you will want to thoroughly review your latest valuation notice.

This document lets you know what the latest assessed value is for your property. Keep in mind that once you receive this document, you have 45 days to determine that the assessor overvalued your property.

This means that as a first-time DIY appealer, you’ll have to move quickly to identify:

Comparable properties in your area

Knowledge of the 3 approaches to value (sales comparison, income, and cost)

Conditions on your property that could lead to a reduction

Inequitable taxes for your property

Once you’ve gathered your evidence, (which we’ll go into detail on below) and arrived at your opinion of value, it’s finally time to submit your appeal to the correct county office.

YOU MUST PROVE THE ASSESSOR OVER-ASSESSED YOUR PROPERTY

A successful property tax appeal requires sufficient evidence of the county’s overassessment of your property’s value. Supporting evidence is the crux of your appeal argument. Therefore, you want to make sure you’ve covered all of the elements that could result in lower property taxes.

WHAT IS ACCEPTABLE SUPPORTING EVIDENCE?

Damage and deferred maintenance to your property are rarely anything an assessor’s office looks into.

Providing this evidence is extremely effective.

Quotes for repairs that were needed prior to the county’s original assessment

Sales comparables of similar properties in your area that recently sold

You purchased the property recently (within 2 years) and your assessed value is significantly higher than what you paid. The county assessor would have the final sale price of your property but would not have access to all contingencies made during the sale, making it easier for them to mistakenly over-assess your property value.

HOW CAN A PROPERTY TAX CONSULTANT HELP IN THE FIRST STEPS OF AN APPEAL?

Taking the first steps of a property tax appeal can be tedious without prior experience. A property tax consultant will know the ins and outs of your county’s appeal process and help you arrive at an accurate opinion of value well before the 45-day property tax deadline.

We will help you obtain all necessary documents, review your property tax information, and unveil every way you could possibly save money on your next property tax payments.

REVIEWING TAX ASSESSOR EVIDENCE CAN BE TEDIOUS

Upon filing your appeal, your assessor may send you a packet that contains all of the information they used to lead up to their final assessment of your property.

At this point, you’ll have to once again, review your evidence, compare your evidence to the packet you’ve received, and create a rebuttal that proves your case is worthy of a proper tax reduction.

This process takes a lot of time without experience, and a property tax consultant can not only help you save this time but can also provide you with the right rebuttal approach that they’ve witnessed in successful appeals similar to yours in the past.

APPEAL YOUR RESIDENTIAL AND COMMERCIAL PROPERTY TAX PROFESSIONALLY WITH CORRECT PROPERTY TAX LLC.

If you are a commercial property owner that knows you paid too much in property taxes this past season, it’s time to prepare for next year’s successful appeal.

The property tax consultants of the Correct Property Tax can help you navigate your appeal and save you lots of time throughout the preparatory steps of the process.

Reach out to us today to schedule your free consultation!

Local Taxpayers Seeing Increases

Thu, 02 Jul 2020 14:46:00 GMT

SOUTH BEND — Neighbors in a Granger-area subdivision near the Toll Road were shocked this spring to open reassessment notices and find the value of their property — and consequently the amount of property taxes they could owe next year — had jumped.

For one homeowner, it was about a 25% increase, and for another it was about 46%.

H Campbell (his first name is “H”) called the sudden increase “crazy.”

Nothing about the house he bought four years ago has changed, Campbell said, except the assessment, which went from $268,800 to $394,200, a 46.65% rise.

“Besides that,” he added, “we’re only a quarter of a mile from the Toll Road so there’s constant noise from the Toll Road, so if anything it should have gone down.”

Dan Brewer, who owns another house also on Covered Wagon Court, spent $7,600 for a new patio, stairway and landing on the back of his house and said his assessment went up by about 25% to $245,000, a price he maintains he couldn’t get for a 25-year-old house that sits near a “four-lane mega-highway.”

Both say they plan to appeal.

About 57% of the county’s 120,000 parcels saw some increase in assessed value this year, according to county assessor Rosemary Mandrici, while approximately 25% of parcels saw a decrease, and about 17% saw no change — percentages fairly similar to last year. About a quarter of parcels are reassessed every year, but other properties may also have values adjusted based on sales in an area.

“Real estate is selling in St. Joseph County,” Mandrici said. “It sold during COVID, too, if you’ve noticed. Realtors and real estate transactions are considered essential, and they’re selling.”

Potentially thousands of St. Joseph County property owners will be filing by June 15 to appeal an assessment they think is far higher than market value, though. In 2019, there were 6,461 notices for review filed with the county, up from 5,808 in 2018 and 4,026 in 2017.

The county’s number of assessment appeals has been high compared with other counties, and a data analysis firm that studied the issue made recommendations in 2018, one being to adjust assessments more frequently to avoid sudden spikes that spark appeals. Mandrici said her office hasn’t changed how it does assessments, but it does continue to work on one of the suggestions to update a land value study.

“The group didn’t tell us anything,” Mandrici said. “We actually explained how we assessed to the consultants.”

She said her office follows state requirements for assessing, and the state reviews and approves the work. Her office also has property record cards, sales study and exemption information online for taxpayers to use, she said.

The data firm that studied assessments also had said local governments and other entities were missing out on about $11 million per year in tax revenue because of assessment methods.

Its report in 2018 came as overall tax collections in the county were being cut by Indiana’s property tax caps. This year, because of “circuit breaker,” taxing units across the county will not be collecting nearly $115 million. Now, coronavirus promises to take a bite of more than $15 million out of income tax revenue next year for units across the county, a Ball State economist predicted.

The sharp rise in his assessment leaves Brewer feeling skeptical.

“If you need to raise my taxes a little bit because the county needs a few more bucks and it’s my fair share then OK,” he said, noting he might not have questioned a 10% rise. “But don’t try to make up all the shortfall from circuit breaker on my house.”

Beth Szweda, a former deputy county assessor and owner of Correct Property Tax in South Bend, a firm that handles commercial and residential assessment appeals, said she’s received a few dozen calls from homeowners since reassessment notices were mailed at the end of April.

Many calls have come from property owners near the University of Notre Dame, she said, where identical condos may be assessed quite differently and older houses may get “swept up” in increased assessments for nearby new or refurbished homes.

“Some of the newer homes also are being overassessed than what they are even selling for,” Szweda said, “and I don’t know why that’s happening.”

If an assessed value increases by more than 5% over the previous year’s assessment, the burden of proof is on the assessor to show the assessment is accurate, she said, which “sometimes they can’t because the data they’re using is not appropriate for the subject property.”

Szweda thinks the assessor’s office should lay out more of the methods and data it uses in order to make assessments more comprehensible for property owners. She also acknowledges assessing is tricky.

“It is a tough thing to do because everybody wants their house to be exact and it’s just not an exact science because you’re doing it on a mass appraisal basis,” she said.

Property owners who want to appeal an assessment need to file Form 130 by June 15. It can be found on the assessor’s web page by visiting the county website at sjcindiana.com.

Filing the form initiates the appeal, which may be resolved informally with an agreement for a revised assessment or formally with a hearing before the local Property Tax Assessment Board of Appeals or the Indiana Board of Tax Review.

Most appeals are resolved informally. Of the 6,461 notices for review filed in the county last year, 2,780 were informally resolved in favor of the taxpayer.

Formal hearings happen year-round but have been on hold since late last year because of the death of a board member and then because of coronavirus, Mandrici said. She plans to discuss with the board how to restart hearings as county offices begin to reopen to the public.

Campbell, the Granger-area homeowner who saw a 46% spike in his assessment, said he’s seeking an appraisal of his house in case he needs it for the appeal.

He said higher taxes because of the assessment isn’t the issue for him.

“We can afford it. That’s not a problem. It’s just the idea,” Campbell said. “It’s not right.”

https://www.southbendtribune.com/news/local/granger-area-homeowners-who-saw-assessments-spike-plan-to-appeal/article_7dc70dfe-a1b2-11ea-a27b-e34afebcb3f2.html

5 Things You Should Know About Appealing Your Property Taxes

Wed, 10 Apr 2019 17:16:00 GMT

Navigating the appeal process of reducing your property taxes is difficult,; doing it without any knowledge of the process is a nightmare. It may feel like there is a secret door to unlock and no one gave you the key. Information published by the Department of Local Government Finance is quite complex. Tax bills are coming soon; make sure they are correct. Here are some important things to know before you file an appeal.

1. Studies show that 40-60% of all properties in the U.S. are over-assessed, yet only 5% appeal.

A Forbes magazine article indicates this stunning statistic. While this is a broad statement of all U.S. property, Indiana is not far off. It is vital that you investigate all aspects of your assessment to see if you are in the majority of over-assessed property and meet the deadline for filing an appeal.

2. There are strict deadlines for assessors to act on appeals.

The filing deadline is 45 days from the date of the notice or May 10th, whichever is first. The deadlines are not just for filing. There are also many procedure deadlines that the assessor and taxpayer must adhere to. Information published by the Department of Local Government Finance is quite complex. There were many changes in legislation that affected appeals in 2017. I urge you to read through all of these or seek the advice of an attorney or qualified tax representative before filing your appeal.

3. Almost all rehabilitated properties in urban areas qualify for a tax break.

This type of deduction is becoming more common with all the urban renewal happening. This deduction is for any building or house that has been restored without adding to the footprint. The exemption applies to the increase of valuation to the property by the local assessor. The property must qualify, file Form 322/RE. It applies to structures within an economic revitalization area. There are specific property types within that area that do not qualify, such as golf courses or recreation complexes. Check with your assessor or a qualified tax rep to find out if you qualify.

4. Some vacant buildings qualify for a tax break.

This type of deduction applies to commercial or industrial property located in an economic revitalization area. The property must qualify for the deduction and meet the deadline to file Form 322/VBD.

5. If a property assessment goes up by more the 5%, the burden of proof shifts from owner to assessor.

What it means is that the assessor is required to show evidence and reasoning for increasing an assessment by more than 5% in any given year. It does not qualify for property that has added improvements. If the assessor does not meet the burden of proof, the assessment automatically reverts to the most recent assessment before changes.

While appealing your taxes is time consuming, it is not uncommon for taxpayers to win a reduction. With a little research and/or help from a professional, you can prevail.

St. Joseph County Appeal Deadline is Set

Tue, 24 Jul 2018 17:18:00 GMT

St. Joseph County Assessor mailed assessment notices to property owners. The mailing of these notices triggers an appeal deadline of August 31, 2018. It's always best to file an appeal as soon as possible. By getting your appeal in early, you will decrease the time required to process the appeal. The assessor's office receives thousands of appeals each year with most arriving in their offices in the last days before the deadline. You can minimize buearocracy by allowing the assessor to add your appeal to their system early.

The first thing to do when you receive your notice is to check it against last years' assessment. Prior assessments are listed on the form you receive. Next you should get your Property Record Card online at https://www.stjosephcountyindiana.com/173/Assessor

Check all the data on the PRC to make sure it is correct. However don't assume that just because the assessment is correct that there is no chance for a reduction. Studies have shown that as many as 60% of assessments are incorrect throughout the U.S. yet fewer than 5% appeal. Of those who appeal more than half receive a reduction. If a taxpayer uses a representative to appeal for them, that number goes up to 87% success rate. Most tax reps do not charge a fee unless you win and offer a free analysis. It's a low risk, high benefit option.

check out http://www.correctpropertytax.com/ and timely file your appeal by August 31st

Elkhart County Commercial and Industrial Property Assessments Are Seeing Big Increases

Fri, 29 Jun 2018 15:42:00 GMT

Tax assessment notices are out for 2019 and many taxpayers have seen sharp increases. Property owners from retail shops to large manufacturing facilities have seen increases of anywhere from 60% to over 200% increases. All owners, property managers, CFO’s, and Controllers should take a close look at their assessments and investigate reasons for increases. Any time a taxpayer sees more than a 5% increase in assessed value it is a red flag and should be appealed. According to Indiana Code if an assessment is increased by more than 5% and that property is appealed, the burden of proof rests with the assessor as to why that assessment has gone up.

You must act quickly. The deadline to file an appeal in Elkhart County Assessor’s Office is July 16th. Taxpayers can get their property records online at Elkhart County Assessor. You can call your assessor for more information at (574) 535-6700. There is also helpful information at the Department of Local Government Finance.

If a taxpayer needs more in-depth expert advice contact Correct Property Tax LLC (574) 286-0431. They will handle the appeal with no fee unless they win. The owner of Correct Property Tax, Beth@CorrectPropertyTax.com , has 30 years experience reducing taxes for national companies and locally owned businesses.

Study Shows Most Homeowners Are Paying Too Much Property Tax

Thu, 20 Jul 2017 19:23:00 GMT

Homeowners all across Indiana and Illinois are receiving their assessment notices. You may have heard in the local newspaper that some are going up, but some may come down. It's not something we give much thought to, until that bill arrives. And if yours is one of those that went up? We urgently want to know why and if there was some sort of mistake. Problem is, if we wait until the bill arrives - it may be too late.

Oh sure, there are stories here and there in local newspapers about scandelous behavior. Once in a while an assessor will get into hot water for not cooperating with a county contracted firm hired to ensure accuracy. Or something bigger, like what's going on in Chicago right now. Accusations of corruption and kick-backs given to the assessor by tax attorneys who get large refunds for their billionare clients. These stories send the public into a tailspin.

But most of the time, we go on with our busy lives. Real estate taxes just not at the forefront of our minds. We assume we are paying the right amount but most of us never check. A recent Chicago Tribune article cited a study by the National Taxpayers Union showing up to 60% of U.S. homes are over-assessed. Yet fewer than 5% appeal. Even I was surpised by that number. I have worked my entire adult life helping folks pay accurate property taxes. I know most assessors do their best to be accurate. But the truth is, mass appraisal is hard. It's expensive, it's time consuming, and it's inexact. However we, as taxpayers, expect and deserve to pay the exact right amount.

The inconvenient truth is, verifying your property taxes is necessary. The good news is that doing so could save you hundreds, or even thousands of dollars. The time to do it is now. Once notices are sent, the clock starts ticking for the time to appeal. In Indiana you have 45 days from the time notices are sent. In Illnois you have 30 days. Below is a list of nearby counties and their deadline dates. For any county not listed here, call your local assessor.

LaPorte Co., IN - Sept. 8th

St. Joseph Co, IN- Sept. 7th

Elkhart Co., IN- August 10th

Cook County, IL - all townships are different. Deadlines run from July 20th thru August 31st. Click the link below to check your township.

http://www.cookcountyassessor.com/Appeals/Appeal-Deadlines.aspx

Beth Szweda

Co-Founder Correct Property Tax LLC

For help with your property tax appeal - http://www.correctpropertytax.com/

Property Tax Proposal You Should Know About

Tue, 28 Feb 2017 14:00:00 GMT

If an appeal was hard fought and won, the assessment should not increase in the following years. Any increase after an appeal is too much.

Currently, the law discourages assessors from increasing the assessment in the year immediately following a reduction from an appeal. While it doesn’t expressly prohibit assessors from increasing your assessment after an appeal, the burden of proof is on them to show the reason for the increase. The homeowner must appeal again but, if the assessor does not meet that burden, the assessment automatically returns to the previous assessment.

The current law was placed on the books because of widespread arbitrary values being placed on people’s homes. In some cases, assessments were increased back up to the same rate prior to an appeal the very next year. This placed an undue burden on the taxpayers. Some would have to spend considerable time going through the appeal process year after year.

Will the new law negate the protections of the current law? Will assessors be encouraged to place a 3% increase on your assessment every year?

As a person whose job it is to appeal property taxes, I see increases after an appeal happen time and time again. While I’m happy to help my clients at a discounted rate when this happens, I am doing what I can to advocate for better laws to protect taxpayers from having to appeal their taxes multiple times. I have reached out to our state legislators working on this. We will be working toward a law that is fair for the taxpayers and make sure it doesn’t have unintended consequences.

I will be keeping a close eye on this. This bill, HB1046 is currently in committee. I will let you know if there are any developments.

Homeowner's Appeal Packet

Wed, 08 Feb 2017 20:58:00 GMT

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Correct Property Tax Blog

Thu, 05 Jan 2017 14:08:00 GMT

For updates on industry news and more information about property taxes, feel free to browse through our selection of articles.

Our goal is a fair and accurate property tax for you

Wed, 04 Jan 2017 14:39:00 GMT

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