Tuesday, December 16, 2008

Indiana Businesses and Property Tax Appeals

The Indianapolis Business Journal's Appeals pay off for biz owners Over 1 in 4 assessments challenged needs read not only for businesses in Marion County but throughout Indiana.

More than one in four Marion County commercial and industrial property owners has appealed its property tax assessments this year, and the challenges often are paying off in a big way.

With only 11 percent of the 6,503 appeals complete, local officials already have agreed to more than $567 million in reductions. That represents a 43-percent drop from the amounts they were challenging.

An IBJ analysis of the 708 business appeals that have been settled found 123 cases where appeals resulted in decreases of $1 million or more. A handful produced assessment cuts in the tens of millions.