May 1 thru adjournment - Board of Review meets each year. July 1 - Filing deadline for new Homestead Credit and Military Exemption applications. Owners must own and occupy their property on or before July of the year for which the credit is claimed. July 1 through October 15 - File applications for Family Farm Credit. Property is assessed as of January First.
Property is reassessed every two years.
On values determined as of January 1st, one does not start to pay taxes until eighteen months later. The percentage so determined by the Director of Revenue and Finance is certified to and applied by the local county auditor to all property in each class effected throughout the State. Percentages determined by the Director of Revenue and Finance are the same for all the assessing jurisdictions in the State. Increases in assessed value of individual parcels of property as determined by the assessor, may exceed four percent within a jurisdiction. Agricultural property, except agricultural dwellings, are assessed on the basis of productivity and net earning capacity using a five-year crop average and capitalized at a rate set by the Legislature.