Higher assessments on ag buildings being reported
Farm Bureau members have or soon will receive an official-looking document entitled “Notice of Assessment of Land and Structures.” This form comes from the county assessor and is commonly known as a Form 11.
A general reassessment has been in progress since July 1, 2010, and should be coming to a close. This reassessment is supposed to verify the physical features of your property and verify your assessment calculations. It affects taxes assessed March 1, 2012, payable 2013. Your county assessor must provide notice of assessment changes to each property taxpayer, who can in turn appeal within 45 days of the Form 11 if they disagree with their assessment.
Members in a few counties are reporting large increases to the value of agricultural buildings in addition to the already anticipated farmland value increases. Changes to the value of farm improvements are likely due to new cost tables implemented with this general reassessment.
Common issues that would cause assessment increases include: overvaluing buildings and other improvements like grain bins and applying too little depreciation to their calculated replacement value, increasing base value of farmland and changing the way all or certain parts of your parcels are assessed from a farmland designation to one that is based on residential or commercial values.
To ensure that your parcels and the improvements on them are assessed correctly and fairly, members should investigate their assessment by contacting the county assessor. The assessor can supply property record cards for each parcel that show how your values have been determined.
“Without asking for more details about your assessment, property owners may have unjustifiably lost their farmland designation or have exaggerated building values and not even know it. So, please don’t lay your notice of assessment aside when it comes,” says Katrina Hall, tax and local government specialist for Indiana Farm Bureau. She urged Farm Bureau members to pay strict attention to these notices of assessment, to ask questions of the county assessor about how their values were determined and to appeal their assessment if it seems unreasonable.
Taxpayers in many counties have already received notices of assessment for March 1, 2012, payable in 2013. If you’ve missed the deadline, you can still file an appeal but it won’t affect your taxes until the next year.
Appeal forms and more information about that process can be found on the website of the Department of Local Government Finance at www.ai.org/dlgf by clicking on “Property Tax Appeal Process.”
Notice of Assessment of Land Structures - Download.