2024 Indiana Homestead Property Assessments: Key Information and Deadlines

Homestead Property Assessments in Indiana: 2024 Basics

Breaking Down Key Points

• Property Tax Bills:

  • Homeowners across Indiana are receiving their pay-2024 property tax bills.
  • These bills are based on 2023 property assessments.
  • Payments are due in two installments: May 10th and November 12th, 2024.

• Notice of Assessment:

  • In April, many residential taxpayers receive a Notice of Assessment (Form 11) from their county assessors.
  • This form establishes the 2024 assessed property value for next year’s (pay-2025) bills.
  • Some counties combine the 2024 assessments and pay-2024 tax bills into one form, including the assessment in the tax comparison statement portion of the bill.

• Market-Based Assessments:

  • Indiana property taxes are market-based and paid in arrears.
  • Assessments reflect the market value in use as of January of the assessment year.
  • Tax bills are based on the previous year’s assessment.
  • This year’s bills (pay-2024) are determined by 2023 property assessments.
  • Bills are capped at 1% of the homestead’s gross assessed value, per the Indiana Constitution.
  • Additional taxes may be added through school referenda and other voter-approved projects.

• Appealing Assessments:

  • Homeowners can appeal an assessment before the resulting bills are calculated.

Determining Market Value Property Assessments

• Objective Measures:

  • Assessed values must be tied to “objective measures of market value.”
  • For homestead residences, assessments should generally align with a home’s potential sale price.

• Assessment Increases:

  • Homeowners might be surprised by increased assessments despite no renovations or improvements.
  • Residential assessments should move with the previous year’s market:
    • In 2022, the median sale price of an existing home in Indiana was $235,000.
    • This price rose 4% to a $242,000 statewide median in 2023.
    • A typical Indiana home’s assessed values would be expected to rise about 4% from January 2023 to January 2024.
    • This increase in the 2024 property assessment would show up in pay-2025 tax bills.

• Local Market Variations:

  • Housing prices vary dramatically from county to county and even block to block.
  • Assessments reflect local market conditions from year to year.

References

• Indiana Department of Local Government Finance
• Indiana Property Tax Benefits
• Market Value in Use Definitions and Guidelines

 

Tim Vicsik
Trueblood Real Estate
(574) 329-9587
Tim@TimVicsik.com 
www.ND-Condos.com