Despite Market Value USPAP Appraisal and $0 Acquisition Price, Owner of Special Purpose Property Failed to Prove Assessment of Property Should be Reduced

Despite Market Value USPAP Appraisal and $0 Acquisition Price, Owner of Special Purpose Property Failed to Prove Assessment of Property Should be Reduced

Name: Wigwam Holdings LLC v. Madison County Assessor Date Issued: May 8, 2019 Property Type: 220,000 SF building, including a natatorium, auditorium and 8,996 seat basketball facility Assessment Date: March 1, 2015 Point of Interest: Wigwam Holdings LLC (“Holdings”) claimed that an appraisal and … [Read more...]

Proceed with Caution:  Depending on the Facts of the Property and the Assessment, Taxpayer or Assessor May have the Burden of Proof for Indiana Property Tax Appeals

Proceed with Caution: Depending on the Facts of the Property and the Assessment, Taxpayer or Assessor May have the Burden of Proof for Indiana Property Tax Appeals

Last week I spoke at a seminar regarding recent developments involving Indiana property tax appeal procedures.  Following are summaries of various rulings of the Indiana Board of Tax Review ("IBTR") involving the burden of proof in property tax appeals.  The following addresses two statutes -- Ind. Code §§ … [Read more...]

How Office Owners Can Help Lower Sky-High Property Tax Assessments

How Office Owners Can Help Lower Sky-High Property Tax Assessments

Managing fixed expenses is the best way to ensure the long-term profitability of investment properties, especially in a flat market. The largest continuing expense for most commercial properties is the property tax bill, and in a market with skyline-defining properties and headline-grabbing sales prices, tax … [Read more...]

Indiana Tax Court denies motion to dismiss Assessor’s property tax appeal on procedural grounds

Indiana Tax Court denies motion to dismiss Assessor’s property tax appeal on procedural grounds

In Marion County Assessor v. Stutz Business Center, LLC (January 11, 2019), Owner fell short in its effort to cut short an appeal by a County Assessor challenging the Owner’s voluntary withdrawal of its 2012 to 2014 real property tax appeals. Owner withdrew its appeals five days before the scheduled administrative … [Read more...]

Indiana Board of Tax Review adopts appraiser’s cost approach with “minimally credible” adjustments in valuing restaurant

Indiana Board of Tax Review adopts appraiser’s cost approach with “minimally credible” adjustments in valuing restaurant

Name:  L&R Enterprises, LLC v. Hancock County Assessor Date Issued:  July 2, 2018 Property Type:  Restaurant (freestanding, approximately 5,500 sq. ft.) Assessment Years:  2015, 2016 Point of Interest:  The Indiana Board of Tax Review assigns a value based on the cost approach in the Assessor’s … [Read more...]

2018 Indiana Property Tax Exemption Applications Due Soon; Preserving Historical Buildings An Exempt Charitable Purpose

2018 Indiana Property Tax Exemption Applications Due Soon; Preserving Historical Buildings An Exempt Charitable Purpose

The Indiana property tax filing season is upon us, with Form 136 exemption applications for the January 1, 2018 assessment date due by April 1st for taxpayers wishing to claim exemptions for real and personal property.  Whether an application is due is a fact specific inquiry, depending in part on the property, … [Read more...]