An Indiana assessors office, among many other tasks, is responsible for assessing the fair market value of a property and thus determining how much you pay in property taxes each year. The school district, city and county associated with the location of a property determine the tax rates, which are established percentages of a property’s assessed value.

As a real estate investor, the accuracy of your property assessments is essential to saving money on the taxes you pay. While often rare, there are occasions when the assessed value of a property is considerably inaccurate, resulting in under payment or over payment of property taxes. If you feel that there may be a discrepancy in the numbers, then you are making the most of property assessors offices - Indiana by doing the following:

1. Check the value determined by your Indiana property assessor for other properties in your area.

2. Consult with a professional appraiser and compare his or her conclusion to that from the Indiana property assessors’ office.

3. File an appeal of your Indiana property values if you still find an error.

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Compare your Indiana property tax records to others in the area

If you feel that the value of your property determined by your assessors office in Indiana is way off, compare it to the values of other properties in the area. Talk to neighbors with similar properties, obtain a breakdown of neighborhood assessments, or ask a real estate agent about the sales prices of resembling properties.

I recommend: The Property Assessment Viewer provides the ability to search and compare property assessments for entire neighborhoods in Indiana. A property records search through KnowX can result in records that allow you to compare sales prices, past tax records and values for your property and others in the area.

Hire an Indiana property appraiser to obtain a comparative value

Indiana assessors do mass appraisals for the entire county, resulting in high, low and average assessments. If you paid $100,000 for a property and the assessed value is $98,000 - a difference of a few thousand - then the inaccuracy is not enough to worry about. However, if there is a significant difference, hire a professional appraiser to provide you with an assessed value of the home, broken down and explained in writing, to document the significant inaccuracy.

I recommend: Request a property appraisal from Appraisals Unlimited of Indiana. RogerMillerAppraisal.com offers commercial and residential real estate appraisals.

Dispute Indiana property assessments by filing an appeal

If, after confirming the assessed value of your property, you find that your Indiana assessor office was, in fact, incorrect in its assessment, then you can file an appeal. You must first appeal to your local office, because the state won't review the matter until that occurs. Start by writing a letter to your local township office requesting an informal conference about the appraisal. Denied changes will go to the Property Tax Assessment Board of Appeals.

I recommend: If the PTABOA denies your appeal, you must follow the process set forth by the Indiana Board of Tax Review. Another option for appealing your assessment is to submit Form 133, which the Department of Local Government Finance provides, to your County Auditor. If you’re seeking a refund of your taxes, you must file Form 17T as well.

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Helpful advice for making the most of this Guide

• •  The information available through property assessors in Indiana can also help you to make smarter real estate investment decisions, by comparing values and sales prices of similar properties.

Indiana property assessors maintain a lot of information regarding Indiana land values and property. Indiana assessors offices maintain information regarding ownership changes for properties, Indiana property tax records, up-to-date maps of property lines and property descriptions. Indiana assessors also analyze trends in property sales prices, the costs of constructing a new property and the average expense for renting property.

You can use the information obtained through Indiana property assessment to aid in your real estate investments. Consider the following when dealing with Indiana property assessors:

1. Research potential investment properties through the Indiana property records.

2. Indiana property assessments show the market trends for properties in your area.

3. Make sure that the assessment of Indiana property values you invest in are accurate.

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Access records from the Indiana assessors office

When you're interested in investing in a property, it's important that you research that property's history before making a purchase. You should know about ownership changes, construction done on the property and changes in Indiana land values over the years. Indiana property tax records can help to uncover the history of your property.

I recommend: Go to the Indiana assessors office website for the county which your property of interest is in and do a search on the property's history. Indiana counties such as Vanderburgh County and Lake County provide free online records databases. For a list of contact information and websites for other Indiana counties, visit Assessor Links USA.

Know the regulations for Indiana property assessments

There are a number of laws and regulations that Indiana assessors offices and land owners must abide by in order to obtain an accurate and fair assessment of a property's value. Along with the appeals process, there are tax exemptions for seniors and veterans and other ways to save on your property taxes each year.

I recommend: Visit the Indiana Department of Local Government Finance (DLGF) website for tax summaries by county to better understand how much you pay in taxes and where that money goes. DLGF also provides a list of possible tax deductions and eligibility requirements.

Be sure that your Indiana property assessment is accurate

You may find occasion for concern that your local Indiana property assessors calculated an inaccurate value for your investment property. If so, hire an appraiser to provide a second opinion on your Indiana property value. An appraisal will help you to make sure that the Indiana assessors office made an accurate assessment of your property value. If there is a discrepancy, the appraisal provides evidence of a more accurate Indiana property value. If there is an error, file an appeal with your local property assessors offices in Indiana.

I recommend: AppraiserUSA.com provides a list of appraisers in Indiana by county or city. Go to the Indiana Department of Local Government Finance (DLGF) website for more information on the assessment appeals process in Indiana. To determine how much your property taxes are, visit the DLGF website and use their property tax calculator.

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Helpful advice for making the most of this Guide

• •  Always pay your Indiana property tax each year by the deadline to avoid penalties. Doing so also helps the credit score for your business.

Indiana assessors are public officials, voted into office, that maintain lists and information for each piece of personal property and real property within their county. When it comes to real property, which includes homes and businesses, the information that an Indiana county assessor maintains includes property descriptions, sale prices and values.

Each year the Indiana property assessment determines the fair market value of each piece of real property within the county. Then, the owner of that property pays taxes based upon the assessed value. A knowledge of property assessors offices – Indiana basics affirms the benefit in using the Indiana assessor to do the following:

1. Conduct a search of Indiana property tax records through available online search functions.

2. Have a clear understanding of the assessment regulations for the Indiana assessors office.

3. Use the information available through property assessors in Indiana to make smart investment decisions.

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Access Indiana land records

Many Indiana county assessor websites have search functions that allow the public to access information about real and personal property within that county. While some counties may not have this online capability as of yet, you can still access many records by visiting your county assessor's office in person. Typically, you can search by the owner's name, the property address or the account number.

I recommend: Search property records by parcel number or property address on the Allen County Assessor site. A number of other Indiana property assessor websites, such as Grant County, provide similar free records search functions.

Review the regulations governing Indiana property assessments

An Indiana property assessor determines how much you pay in property tax each year based upon a number of factors, including the assessed value of that property and what school district it is located in. The Indiana Constitution sets limitations and regulations to tax amounts, such as a limit of 5 percent in tax increases per year. The property assessment manual sets forth guidelines for assessors, such as how to appraise and examine buildings and when to send notices out to taxpayers.

I recommend: STATS Indiana provides information on tax rates by Indiana county and year. Visit the Indiana Department of Local Government Finance for the current Real Property Assessment Manual, which regulates property assessment strategies.

Gather information on Indiana property values to help with investments

While the main purpose of the information the assessor maintains is to collect taxes, you can use that information to your advantage in real estate investments. You can compare the market value, assessed value and sale price of the properties located within the same neighborhood. This allows you to set the appropriate prices for property sales and make sure you're getting a fair deal on investments.

I recommend: Search the statewide sales disclosure database provided by the Indiana Department of Local Government Finance. The Property Assessment Viewer provides the ability to search and compare property assessments for entire neighborhoods in Indiana.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you believe that your county assessor determined the wrong Indiana land values for your property, then you may want to appeal the assessment. Contact your local assessors office in Indiana for details on the appeals process.

Property assessments determine how much property owners, whether on a personal or business level, owe in property taxes each year. Assessments determine the value of specific property and then determine a tax amount based upon a formulated tax rate system. County assessor's offices are responsible for assessing property values and determining these tax rates.

Whether you want to work for the Indiana assessor's office or simply want to better understand the assessment process for personal or business application, there are a few key terms you should know.

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Property tax

Property tax is a tax that Indiana counties place on residential and commercial real property (and sometimes personal property) in order to obtain revenue for local municipalities. Property tax is typically paid on an annual basis.

I recommend: Visit the Department of Local Government Finance and the STATS Indiana websites for more details on the property tax process in Indiana.

Appeal

If property owners disagree with the assessed value of their property, the Indiana assessor's office can grant them an appeal. In order for an appeal to be approved, the property owner must meet a number of requirements, as well as file a number of state and local government forms.

I recommend: LaPorte County and Hamilton County in Indiana provide thorough explanations of the property tax appeals process.

Reassessment

Reassessment is a process put into place by the Indiana government to reevaluate all of the property in a specific Indiana location in order to double-check assessments and determine a new tax base. As time passes, the gaps between the values of real property and other properties, such as personal property, increase. Reassessment brings those values back into alignment.

I recommend: Read more about reassessment on the Hancock County website.

Indiana Board of Tax Review (IBTR)

The Indiana Board of Tax Review (IBTR) reviews decisions made by local Indiana assessors or assessment appeals boards regarding assessed property values or property tax deductions and exemptions.

I recommend: IN.gov explains the Indiana Board of Tax Review and the hearing process in greater detail.

Department of Local Government Finance (DLGF)

The Department of Local Government Finance (DLGF) is the Indiana government office that has the responsibility of overseeing the budgeting and property tax assessment of local Indiana governments. The DLGF ensures that these tasks meet the standards and regulations set forth in Indiana laws.

I recommend: Access the Department of Local Government Finance website for more information about this department's responsibilities.

Geographical information system (GIS)

The geographical information system (GIS) captures geographical reference information for management and analysis of data. Indiana county assessor's offices utilize the GIS system to compile and publish real property data.

I recommend: Learn more about GIS from The Guide to Geographical Information Systems. Indiana's Delaware County website explains how it uses the GIS database to provide parcel information.