When compared with 2019, the average home sale price in Bartholomew County increased by 21%, Bartholomew County Assessor Ginny Whipple said.
Rising home values is generally considered a good thing — but not necessarily when new assessment values are being determined for the purposes of property taxes.
Notices of those values (Form 11s) will be mailed by the end of this month, Whipple said. They are intended to inform property owners of new assessed values that will be used to calculate property taxes in 2022.
“These increases or decreases can be caused by changes to the property such as new construction, remodeling, demolition of buildings, or by fluctuations in the market,” Whipple said.
While assessed values are the starting point for calculating annual property tax payments, the amount owed is calculated by a tax rate that will be set by the Bartholomew County Council later this year, she said.
Over the past several years, local residents have experienced increases in residential property values due to increased sale prices, and Whipple doesn’t expect this year to be any different, she said.
According to state guidelines, the assessor must adhere to certain statistical standards for all classes of property. This is done through annual adjustments or “trending,” which is a process in which assessments are compared to sales, Whipple said.
Generally speaking, when the assessments are below the sales, assessed values are increased. But when assessments are above sales, assessed values will generally decrease.
“My hands are tied,” Whipple said. “If I don’t raise the assessments to the sale prices, the state will not approve my ratio study.”
Without that approval, the county assessor and her staff would be forced to reassess the entire county, possibly delaying the mailing of tax bills next year, she said.
“It is a complicated process, but the bottom line is the value of the property,” Whipple explained. “The property should be near market value.”
But the Form 11 isn’t necessarily the final word on how much a taxpayer will owe. That’s because the Bartholomew County Assessor’s office utilizes mass appraisal techniques, which utilizes a group of homes to determine the valuation of property for the purposes of taxation. Mass appraisal techniques differ markedly from appraisal techniques utilized by fee appraisers, who are concerned with the valuation of only one specific property.
As a result, some properties will end up being above or below their assessed value. Those who feel the information on their Form 11 is not correct may appeal, the assessor said.
If you are not sure of the market value of your home, Whipple suggests asking a Realtor before you begin the appeals process. The deadline for filing for an appeal is June 15th.
Sales can also be found on the Bartholomew County GIS map, which can be reached on the home page of the Bartholomew County website. You can get the “parcels latest sale” by clicking on the Edit Map Contents icon in the lower right side of the screen.
Those with questions should contact the assessor’s office to schedule an appointment to discuss any issues.
Whipple’s phone number is 812-379-1505 and her email is Ginny.Whipple@Bartholomew.in.gov.
