Marshall County Assessor, Debbie Dunning reminds property owners of recent changes and updates to real and personal property assessments in Indiana.
REAL ESTATE NOTIFICATIONS
Marshall County property owners should be receiving their Form 11 Notice of Assessment in the mail over the next few days. This form was mailed on Monday, April 27th and discloses the new assessed values on real property effective as of January 1, 2020 for property taxes payable in 2021. At this time, the property tax rates have not been established for property taxes due in 2021. This assessed value should represent the market value-in-use of land and structures or what it would sell for as of 1-1-2020. The form also states the previous year’s assessment as of 1-1-2019. A change in assessment may be due to, but not limited to, updated depreciation and cost tables, new construction, demolition, market trending, a combination of contiguous parcels, or reclassification of land use. If you do not agree with the assessed value, an appeal can be initiated to challenge that action. The deadline to file an appeal on the assessment contained in this notice is June 15, 2020.
Due to the Covid-19 crisis, the Marshall County Building is currently closed to the public but the individual offices are working. To file an appeal, please visit the Marshall County webpage at www.co.marshall.in.us and click on County Building then Assessor’s Office. The Form 130 appeal is available on our webpage or you may email/call the Assessor’s Office to request the appeal form. Please keep in mind that market values were determined from valid sales that were recorded in Marshall County in the 2019 calendar year.
The property tax bill that was mailed recently reflects an assessed value as of 1-1-2019 for taxes payable in 2020. That tax bill was calculated using an assessment based on valid sales that were recorded in Marshall County in the 2018 calendar year.
PERSONAL PROPERTY FILING DATE EXTENDED
As of 4-24-2020, the county was notified that Governor Eric Holcomb by Executive Order 20-23 has granted extensions statewide for the filing of business personal property tax returns to Monday, June 15, 2020. The original deadline was to be May 15, 2020.
“Depreciable Personal Property” means all personal property used in a trade or business, used for the production of income, or held as an investment that should be or is subject to depreciation for federal income tax purposes. Vehicles subject to excise tax are not subject to personal property tax. Inventory is no longer taxed. All businesses, churches, and not-for-profit organizations must file tangible personal property returns with the Assessor’s Office each year, even if qualified for an exemption. The taxpayer is responsible for self-reporting all business personal property owned and/or held as of the assessment date, January 1st of a given year. If you have closed your business you will need to inform the Assessor’s Office or you may be subject to additional tax or penalties. Also, if the acquisition cost of all of your business personal property is less than $40,000, your business or organization is entitled to a business personal property exemption. You can attain this exemption by completing all of the required forms annually and mark the checkbox at the top of the form indicating the acquisition cost of your assets is less than $40,000.
If you have a question in completing these forms, you may call the County Assessor’s Office at (574) 935-8525 or email your questions to debbied@co.marshall.in.us.
