10/30/2013

Good Information

Just FYI: To figure the impact take assessed value after subtracting any exemptions. Divide that by 100 and then multiply by .3939 (the rate in the referendum question). 
 
Chris made it simple for me.  For every 100K of non-homesteaded property it will be $393 ($400 approximately).  So every business or real estate portfolio of $1 million will incur almost $4,000 more a year.  On top of all the Property Tax already billed.  Several of your members have portfolios that size and that's another motive for Delaware Co to keep climbing assessments.
 
Let me know what you suggest.
 
Victoria

10/21/2013

Need Help filing a Property Tax Appeal?



Two dates - Two times!!
This Wednesday @ 6:00 pm!!
This Saturday @ 8:00 am!!

 Property Tax Appeasl Help Day FREE!!!




At the Kennedy Branch Library, McGalliard Road, Muncie.

The new General Reassessment Assessed Values are done and have been mailed!
(If you own property and haven't seen yours, you better call the County Assessor's office @ (765) 747-7715 and research your new assessment IMMEDIATELY!)

The deadline to appeal your Property Tax Assessment is October 31, 2013!!

Many have seen increases of over 50% in their assessed values!!

The law now provides for the Assessor to bear the burden of proof on any assessment that has increased more than 5%, but YOU MUST FILE AN APPEAL for that review to occur!

The Citizens of Delaware County for Good Government is hosting our Fifth Annual “Property Tax Appeal Help Day” on both Wednesday October 23, 2013 and Saturday October 26, 2013 at the Kennedy Library on McGalliard Road.  There is no cost for this service, however last year we PACKED THE HOUSE with well over nearly 200 taxpayers in attendence, so be sure and be on time and prepared!
The purpose of the Property Tax Appeal Help Day is to help property owners who believe that their assessed values are too high.   We will provide a packet with pointers on how to complete your property tax assessment appeal forms, but we do not guarantee that you will win your appeal.    
The following “Tax Appeal Primer” contains preliminary information to help you file your property tax appeal. 
·         You snooze, you lose:  Property owners have until October 31, 2013 to appeal assessed values on their properties.  If you fail to appeal by the deadline, you will lose your right to appeal.  You can provide additional information for your appeal after it is filed, but you must file before the deadline.
·         No news isn’t always good news:  We were advised that the Form 11, which shows changes in assessed values, is being sent to all property owners this year.  If you have not received a Form 11 for your property you should check with the Assessor’s Office to determine if your assessed values have changed.  
·         Appeal with Zeal:  Be advised that you may need to appeal your assessment this year, even if you appealed and won last year. We are aware of properties with assessed values that were reduced last year per successful appeals that reverted back to pre-appeal levels this year.  The good news is that State Senator Doug Eckerty is working with Representative Bill Davis on legislation to close the loophole that allows County Assessors to “trend” your assessed value from the pre-appeal amount versus the adjusted amount that resulted from a successful appeal.   So if you win your appeal, future assessed values should be trended from adjusted assessed value that is a result of your appeal. 
·         Home sweet homestead: A homestead exemption can save homeowners money on their property taxes.  House Enrolled Act ("HEA") 1344-2009, required the homestead exemption form be mailed with all property tax statements through 2012 though it must only be completed once prior to Jan. 1, 2013.  We recommend that you re-file your homestead exemption this year to make sure that it gets done. 
·         Don’t leave home without it (A Property Record Card that is):  Be sure to pick up a current Property Record Card from the Assessor’s office so that you can identify errors on your assessment.  Call the Assessor’s Office at 747-7710 for help.  They can email your Property Record Card to you.
·         A picture is worth a thousand words:  Provide photographs of any damages or other issues that detract from the value of the property. Take photographs of the inside and outside of the property as needed.
·         Condition and Grade matter:  These ratings affect your assessed values. The Department of Local Government Finance has provided guidelines that can be used to validate the condition and grade of your property
·         Two copies are better than one: Make two copies of your appeal and all photographs and supporting documentation and have them date stamped when you turn in your appeal.  Make sure you keep a complete copy of all documentation for your records
Be sure to mark your calendars for either Wednesday, October 23rd or Saturday, October 26th at the Kennedy Library on McGalliard Road.
We hope to see you there!

10/07/2013

Larry Riley Star Press 10/6/2013

In the last week, I’ve run into two people who have told me similar stories about discussions they’ve had with friends of theirs whom they know to be intelligent. They and their friends were talking about the upcoming referendum over raising Muncie Community Schools taxes. On Nov. 5, voters in Center Township will be eligible to cast a ballot either opposing or supporting increasing property taxes by 39.39 cents per $100 of assessed value of the property they own. Each person said their friends, after talking over the issue, made a statement similar to this: “Well, if the referendum passes, it won’t matter to me because our property tax already is at the property tax cap.” Way wrong response. We wouldn’t be having a referendum unless a pro-hike outcome was going to take local property taxes in Center Township the tax caps, and levy additional taxes. If you’re at the property tax cap, which 65.5 percent of homesteaded property owners in Center Township are (homesteaded property are homes in which the homeowner lives in the home), you’ll keep paying the maximum allowed by the caps and pay additional taxes WHAT ABOUT THE “AVERAGE” increase Muncie Community Schools officials keep talking about? School folks are fond of saying the “average” home in the school district is assessed at $75,000 and the owners will pay an additional $65 annually in taxes with rate hike approval. The mean assessed value of a homesteaded property in Center Township is actually $69,135, but the net assessed value on which property taxes are paid, thanks to a really generous homestead exemption, drops to $20,200. On this NAV, the additional taxes MCS wants would be $80 per year. More than one-third of all properties by parcel in the township are homesteaded. But what about the “average” non-homesteaded property, where people rent the homes they live in? Another 26 percent of property parcels in the township are in this category. The “average” property in this category is assessed at $57,102, and because those property owners get far fewer exemptions, the NAV average is $56,965. The annual increase on these property owners would be $224. If the owners don’t absorb any of the increase, average rent would increase by that much, about $20 a month. If owners are willing, say, to split the difference, rents would go up $112 per year. The highest property tax-paying category is commercial/industrial property, and the “average” assessment for these owners is $108,000. This is a little deceiving, though, because the range is really large: from a few hundred dollars up to the Muncie Mall’s $22 million value. How about a specific example? Lowe’s Home Center off Clara Lane on Muncie’s northwest side, is almost exactly 1 percent of the total commercial/industrial property assessment total. The company enjoyed a terrific second quarter of the year, with sales up 10.3 percent over the second quarter of 2012. If the referendum passes, Lowe’s will pay $33,721 in additional taxes. Say the home center has a 10 percent margin (could be optimistic). To pay the additional taxes will require $337,000 in additional sales. Given how well the year’s going, people might think, good, they can easily afford more taxes. Yet if the national chain wants to continue profit levels it currently runs, the layoffs of three part-time workers may be a better option than trying to sell one-third of a million more dollars worth of goods. Center Township has more than 8,000 parcels of commercial/industrial properties, but 93 percent of the assessed value is in 1,400 parcels, and all those are at the property tax cap maximum. WHO’S BEHIND THE “Vote Yes” and “Vote No” signs? That’s just what the Delaware County Election Board wants to know, though particularly about the former. The latter, unlike the former, has no single entity which will be advantaged by referendum defeat. The one entity with a big stake came up at last week’s Election Board meeting. Semi-retired local real estate agent and former Buick car dealership owner Brad Razor attended the meeting to inquire about the “Vote Yes” signs popping up around town, including on Muncie school properties. The rumor is that M&M bus company is doing it,” Razor told the board, “but I can’t imagine they’d be doing it without the blessing of the school system.” The MCS board has decided that if voters don’t approve increasing school taxes, they will eliminate bus transportation for students, and the system pays M&M to operate the bus service. Razor, a former Republican County Council member who has penned several letters to the editor opposing the referendum, said he could find no Political Action Committee filing of any group behind the effort, either. Anyone spending more than $100 to promote an election question would trigger a need to do so under existing law. Under a newer law that took effect last year, a vendor who contracts with a school corporation may not spend any money to promote the outcome. The Election Board agreed to send Muncie Community Schools officials, including the board president, a letter asking if they know who’s behind the signage, and given time constraints, members want an answer this week. Larry Riley teaches English at Ball State University. Email him at:lriley@bsu.edu