Indiana Tax Review Board Reduces Taxpayer’s 2024 Apartment Assessment to Prior Year’s Value

The Indiana Board of Tax Review (BTR) has issued a final determination to reduce the 2024 assessment of the taxpayer’s apartment complex in Monroe County to the prior year’s value. The dispute involved the 2024 assessment, which was a 214 percent increase over the prior year. The Assessor developed valuations using the cost, income, and sales comparison approaches as required by statute, but the Board found the Assessor’s evidence unreliable and not based on market data or generally accepted appraisal practices. The taxpayer’s income approach was also found unreliable because it failed to analyze relevant market data. Since the totality ...