This page will briefly touch on some of the most common terms and concepts in the assessing world that most taxpayers may not be familiar with or aware of.
The most probable price, estimated in terms of money, which a property would bring in a sale between a willing buyer and seller under arms-length conditions, in an open market with adequate market exposure and reasonable marketing time.
Date of Assessment?
Assessments are always placed in relation to an effective date of assessment. Assessment since 2016 have an effective date of January 1st. So your January 1, 2020 Notice of Assessment would come Spring of 2020.
Indiana went to this value for assessments in 2002 and it is the true tax value, or the market value-in-use of a property for its current use, as reflected by the utility received by the owner or by a similar user, from the property. Majority of property owners, this is the same as their market value defined above.
(2002 Real Property Assessment Manual - incorporated by reference at 50 Ind. Admin Code 2.3-1-2)
What is "trending"?
Annual Adjustments or "trending" of property values became part of Indiana's move to a market-based assessment system that began in 2002.
The DLGF has Fact Sheet which may assist in understanding.
In the assessing world, neighborhoods are not the same as what many assume. Properties are split into assessment groupings called neighborhoods due to any number of similarities shared within each grouping.
Property Record Card
Your property record card (PRC) is the public record of your property which outlines in detail each parcel in the county. To learn how to read the majority of PRCs click HERE.
In the assessing world the term improvement merely means the structures one has added to the vacant real estate. Houses, variety of outbuildings, porches and pools all are examples of such items. The Form-11s no longer use the term improvements [structures], but other assessing forms do still utilize the term.