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The IBTR offers this discussion for informational purposes only, and the IBTR may revise its contents at any time without notice. This discussion is not intended, nor should it be construed, as a ruling on any specific appeal.
ASSESSMENT AND VALUATION DATES FOR REAL PROPERTY
In Indiana, a property’s valuation date, i.e. the date as of which the property’s true tax value is estimated, may differ from its assessment date. Thus, a taxpayer must be aware of the assessment date he is appealing and the assessment date’s corresponding valuation date.
For assessment dates after December 31, 2009, “an adjustment in the assessed value of real property under this section shall be based on the estimated true tax value of the property on the assessment date that is the basis for taxes payable on that real property.” Ind. Code § 6-1.1-4-4.5(f) (2010). Thus, for the March 1, 2010 assessment date, the valuation date and assessment date are both March 1, 2010.
For the 2006-2009 assessment years, the valuation date is “January 1 of the year preceding the year of the assessment date.” 50 IAC 21-3-3 (2006). Thus, for a March 1, 2006 assessment, the valuation date is January 1, 2005, while the valuation date for a March 1, 2007 assessment is January 1, 2006, and so on.
For assessment years 2002-2005, that valuation date is January 1, 1999. 2002 Real Property Assessment Manual 4, 8.
Although the valuation date will vary depending on the assessment year, parties must explain how their evidence relates to an appealed property’s market value-in-use as of the relevant valuation date. See O’Donnell v. Dep’t of Local Gov’t Fin., 854 N.E.2d 90, 95 (Ind. Tax Ct. 2006); see also Long v. Wayne Twp. Assessor, 821 N.E.2d 466, 471 (Ind. Tax Ct. 2005).