Indiana Tax Court reverses classification of an apartment complex’s common area, modifying application of the 2% v. 3% tax caps

Indiana Tax Court reverses classification of an apartment complex’s common area, modifying application of the 2% v. 3% tax caps

The Tax Court in Hamilton Square Investment, LLC v Hamilton County Assessor (Oct. 5, 2016) explained, “Indiana’s property tax caps provide taxpayers with credits against their Indiana property tax liabilities” and the “amount of a credit depends on, among other things, a property’s classification (e.g., …

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Vacant lot subjected to 3% Indiana property tax “cap” as “nonresidential real property”

Vacant lot subjected to 3% Indiana property tax “cap” as “nonresidential real property”

Indiana applies “caps” to taxpayers’ property tax liabilities, depending on the type of property.  The caps are really credits against taxes imposed above the designated percentage.  For the March 1, 2010 assessment date (for taxes payable in 2011), the cap / credit under Ind. Code § 6-1.1-20.6-7.5 …

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