2016 Hendricks Co. Tax Assessments Out
Yesterday, I received in the mail a "Notice of Assessment of Land and Structures/Improvements for my home in Brownsburg.
These are being sent out across Hendricks County, IN to indicate increases or decreases in assessed value for property tax purposes. It is interesting to see how the tightened market over the past year or so has impacted values.
My home, for instance, increased 4.5% in total assessed value, from $197,400 to $206,600.
In Indiana, property taxes for owner-occupied homes are capped at 1% of assessed value, meaning the property taxes which will be due on my home will go up to $2,066. Also, in Indiana, taxes are collected in arrears, semi-annually. What this means is that taxes are collected in May and November of each year. Taxes due in May are based on assessed value for the first half (Jan 1 - Jun 30) of the previous year, and November taxes are for the second half (Jul 1 - Dec 31) of the previous year.
This breaks down as follows (my home as an example):
- Due and payable May 2016 - $987.00 (covering first half of 2015). Home owners have already paid these taxes, either manually or via escrow.
- Due and payable Nov 2016 - $987.00 (covering second half of 2015). This will be due no later than Nov 10, 2016.
- Due and payable May 2017 - $1,033.00 (covering first half of 2016). This will be due no later than May 10, 2017
- Due and payable Nov 2017 - $1,033.00 (covering second half of 2017). This will be due no later than Nov 10, 2017.
For investors, taxes are due on the same dates, except investment properties are taxed at a 2% cap of assessed value.
Important information regarding this adjustment (from in.gov):
Review whether your new assessment reflects market value (what you would or could sell your property for). If you feel your assessment is not reflective of market value, you may file an appeal.
The deadline to file an appeal for 2016 payable 2017 is September 19, 2016. If you wait to file an appeal until you receive your tax bill in the spring, it will be reviewed for 2017 payable 2018.
Contact the Hendricks County Assessor's Office through its website, www.co.hendricks.in.us for more information and how to file an appeal.