The product of this value and the property tax rate determines your tax bill. One or two numbers will appear in this part of the bill. Assessors value real property during reassessment years, which occur at irregular intervals, statewide. The next is scheduled for 2002. Replacement cost is calculated based on how much it would take to build the building at 1991 construction costs.
Land is valued based on the selling prices of similar parcels of vacant land in the neighborhood.
The sum of the assessed value figures listed on your tax bill is unlikely to bear any relationship to the price for which you could sell your property. Assessment practices are very controversial in Indiana. In fact, in December 1998, the Indiana Supreme Court found the methods used by assessors to calculate assessed values to be unconstitutional. The State Board of Tax Commissioners, which writes the assessment rules used by local assessors, is working on issuing new rules to be used in the next reassessment, for 2002 pay 2003. This website, Property Tax Reassessment Data on total assessed value, by county and state totals, for the years 1977 through 2000.