Column: Pence’s property tax reassessment affects local business, government


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Every six to 10 years, Indiana has a statewide reassessment to update property values for property tax bills.

We re-measure the characteristics of real property — square footage, building materials, home improvements and so forth. We apply new data on prices and costs to these characteristics.

Since we waited so long between reassessments, we would update for six to 10 years of inflation all at once. Assessed values would jump.

Property taxes in 2013 will be based on new values from a statewide reassessment. What can we expect?

 

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