“Less Until Proven More”
An Indiana statute explains that if there is over a 5% increase in assessment on a property from the previous year, it is the assessor’s responsibility to provide proof for this increase.
The Indiana Board of Tax Review threw this statute into play recently when reverting the 2012 assessment back to its 2005 assessment for a shopping center owned by Gateway Arthur.
Senior Judge Thomas Fisher established the board was presented with conflicting evidence when interpreting how the property was assessed in 2006 and returned back to the board’s decision.
The board felt the property assessor didn’t provide sufficient verification of facts to argue the increase in property value for 2006.
As it turned out, this same statute was in the process of being amended which caused the final assessment to fall back to the year prior to 2006. All in all, this resulted in an almost $7 million dollar tax break for Gateway Arthur.
PRACTICE TIP: When assessing property value, assemble acceptable evidence to justify the assessment.
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WEBSITE USE AND DISCLAIMER. By using this site, the User understands and agrees that Attorney Jeffrey J. Jinks is licensed only in the State of Indiana and information on the site may not be valid in other jurisdictions. All information is for information purposes only and is not legal advice to the user.
No attorney client privilege or relationship is created by the use of the site or the transmission and receipt of information without an express agreement between the user and Attorney Jeffrey J. Jinks. The information on the site should not be relied on, and the user should take no action, nor refrain from taking action, without first seeking legal or other professional advice for their specific situation. Do not send confidential information through this site, nor through email.
Any links to other sites are intended as possible aids to the user and are not intended or implied that the firm sponsors, is affiliated or associated with, endorses or is legally authorized to use any any trade name, mark, logo, seal or copyrighted symbol that may be reflected in the links. Those sites are not under the control of Attorney Jeffrey J. Jinks and he is not responsible for the content on or through those sites.
The information on this site may not reflect the most current legal developments, verdicts, case law, code revisions, regulatory updates, private letter rulings or other changes in the law and is not guaranteed to be correct, complete or up to date. The information on this site should not be taken as a promise, guarantee or indication of future results or benefits.
IRS CIRCULAR 230 NOTICE. We are required by Treasury Regulations (Circular 230) to inform you that, to the extent that this communication concerns federal tax issues, this communication (including links, attachments and enclosures) was not written or intended to be used, and cannot be used, for (1) avoiding federal tax penalties, or (2) promoting, marketing, or recommending to another party any transaction or matter addressed herein.