Commercial & Industrial
The State of Indiana requires the real property to be assessed at its market value-in-use as of a specific assessment date. Market value-in-use is defined by the state as, "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." There are three approaches used to determine market value-in-use:
- Cost Approach: (Replacement Cost New − Depreciation) + Land Value = Cost Value
- Sales Comparison Approach: Estimates the total value of property by directly comparing it to similar properties that have sold in the market.
- Income Approach: Income ÷ Cap Rate = Income Value
- Per IC 6-1.1-4-39, "If a taxpayer wishes to have the income capitalization method or the gross rent multiplier method used in the initial formulation of the assessment of the taxpayer's property, the taxpayer must submit the necessary information to the assessor not later than the January 1 assessment date"
Have you purchased or sold a commercial property recently? Please fill out this Sales Questionnaire (E-Form).
Commercial and Industrial Surveys
Own or represent an income-producing property? Please fill out this General Survey (E-Form). We also request the last three years of income and expense information.
- Apartment Survey (PDF)
- Apartment Survey (E-Form)
- Hotel/Motel Survey (PDF)
- Hotel/Motel Survey (E-Form)
- Commercial Office Income/Expense Survey (PDF)
- Residential Medical Facility Income/Expense Survey (PDF)
- Retail Income/Expense Survey (PDF)
- Self-Storage Survey (PDF)
- Mobile Home Park Survey (PDF)
- Restaurant Survey (PDF)
- I disagree with my assessed value. How do I file an appeal?
Fill out the Form 130 – Taxpayers Notice to Initiate an Appeal and submit it to our office. Visit our Appeals page for the Form 130 and additional appeal information.
- What assessment year will my appeal affect?
An appeal of the current year’s assessment may have two different filing deadlines which are based on when the Form 11 notice of assessment is mailed. If the Form 11 is mailed before May 1 of the assessment year, the filing deadline is June 15 of that year. If the Form 11 is mailed after April 30 of the assessment year, the filing deadline is June 15 in the year that the tax statements are mailed. (IC 6-1.1-15-1.1) An appeal can also be filed to correct certain types of specific errors covered in IC 6-1.1-15-1.1(a) and (b). This type or limited appeal must be filed not later than three (3) years after the taxes were first due.
- Where can I view my Form 11?
A copy of a Form 11 can be found using the Public Access Tax Information website. After searching for the property, the Form 11 can be found along the images tab located near the top of the page.
- What happens once I file my appeal?
A preliminary hearing notice is mailed out to the owner and/or tax representative. The preliminary hearing is an informal meeting between members of the Commercial Team and the taxpayer in order to gather information about the property relevant to a possible adjustment to the assessed value. It is an opportunity for the taxpayer to explain why they feel the assessed value may be inaccurate.
If no one attends the preliminary hearing or no information is submitted, the appeal will typically be forwarded on to a formal hearing before the Property Tax Assessment Board of Appeals in order to achieve a timely settlement of the appeal.
- What sort of information should I bring to the preliminary hearing?
Suggestions include but are not limited to: comparable sales information of properties that have sold, income statements, rent rolls, and USPAP compliant appraisals.