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.

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