Recent changes and updates to real and personal property assessments were recently released.
Marshall County Assessor Debbie Dunning says property owners should receive a Form 11 Notice of Assessment over the next few days. The form discloses new assessed values on real property effective Jan. 1, 2020 for property taxes payable in 2021. While property tax rates have not been established for property taxes due in 2021, the assessed value should represent the market value-in-use of land and structures or what it would sell for as of Jan. 1, 2020. The form also states the previous year’s assessment of Jan. 1, 2019.
A change in assessment may be due to update depreciation and cost tables, new construction, demolition, market trending, a combination of contiguous parcels, or reclassification of land use, among other things.
If taxpayers disagree with the assessed value, an appeal can be initiated to challenge that action. The deadline is June 15, 2020. To file an appeal, visit the Marshall County webpage at www.co.marshall.in.us and click on County Building, then Assessor’s Office. The Form 130 appeal is available on the webpage. Since the Marshall County Building is currently closed to the public, taxpayers may email, or call the Assessor’s Office to request the appeal form.
Dunning says statewide filing of business personal property tax returns is extended to Monday, June 15, 2020. All personal property used in a trade or business, used for the production of income, or held as an investment that should be or is subject to depreciation for federal income tax purposes must be filed with the Assessor’s Office.
Also, if the acquisition cost of all business personal property is less than $40,000, the business or organization is entitled to a business personal property exemption.
For more information, or to ask questions, call 574-935-8525.
