Sale Price for Commercial Office Building Supports Indiana Property Tax Reduction

Sale Price for Commercial Office Building Supports Indiana Property Tax Reduction

In TPI of Montgomery County, LLC v. Montgomery County Assessor (Aug. 26, 2013), TPI argued that the 2009 and 2010 assessed values ($810,700) of its commercial office building should be reduced to its 2007 purchase price ($740,000).  The Assessor responded that the property was bought as an investment and was … [Read more...]

Pharmacy has prescription for defeating higher Indiana property tax assessment; Court would not apply contract rent in sale-leaseback to increase values

Pharmacy has prescription for defeating higher Indiana property tax assessment; Court would not apply contract rent in sale-leaseback to increase values

The Indiana Tax Court affirmed the Indiana Board of Tax Review’s final determinations of a pharmacy’s real property tax values for the March 1, 2007 and 2008 assessment dates.  In Shelby County Assessor v. CVS Pharmacy, Inc. #6637-02, Cause No. 49T10-1112-TA-96 (Sept. 23, 2013), CVS and the Assessor both presented … [Read more...]

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 applied as … [Read more...]

Indiana Church loses property tax exemption due to its failure to file application on time, while a Diocese “barely” proved it timely mailed forms

Indiana Church loses property tax exemption due to its failure to file application on time, while a Diocese “barely” proved it timely mailed forms

Two exemption determinations from August 2013 illustrate the importance of meeting filing deadlines (and being able to prove it).  These cases also show why the parties must carefully lead the Indiana Board of Tax Review through their arguments and evidence; they can’t expect the Board to do their work for them by … [Read more...]

Bowling alley, banks spared increased property tax assessments; Indiana assessors can’t use sales ratio studies to support individual assessments

Bowling alley, banks spared increased property tax assessments; Indiana assessors can’t use sales ratio studies to support individual assessments

In three August rulings, the Indiana Board of Tax Review found that an Indiana Assessor missed the mark (or hit the gutters) in arguing that evidence regarding uniform assessments for classes of property supported the individual assessments for a bowling alley and two banks.  In each case, the properties’ 2006 … [Read more...]

Property Tax – Indiana Board of Tax Review tackles ratio studies, short sales and foreclosures, USPAP appraisals and comparable sales

Property Tax – Indiana Board of Tax Review tackles ratio studies, short sales and foreclosures, USPAP appraisals and comparable sales

This post was contributed by Nick Alford, a summer associate at Faegre Baker Daniels working in our Indianapolis office.  Nick will be starting his third year of law school at the Maurer School of Law in Bloomington, Indiana, this fall. Assessor failed to show property wasn't the “same property” for purposes of … [Read more...]