From a lengthy article in the Richmond Palladium-Item:
The assessed value of property in Wayne County dropped during the past year as the county followed the downturn in the region’s economy.
But that does not mean residential property values are all lower, or all higher. It’s another unpredictable year of assessments.
Overall, the county’s assessed value dropped by $51 million compared to 2011. The assessed value for the city of Richmond fell by $60 million. The assessments are value placed on properties for 2012 property taxes payable in 2013.
Assessments, which are the values placed on land and structures for tax purposes, were mailed last week. Tax bills will be sent in early 2013 and can be paid in two installments, due May 10 and Nov. 10.
This year’s assessment is the first general assessment since 2002, which means things change, including two of the tools used to determine assessed value — the cost and depreciation tables.
“This year everything changed because the cost tables changed,” Wayne County Assessor Mike Statzer said Tuesday. “And for the first time in 13 years, the state allowed some depreciation, which affected newer homes and not older homes.”
Cost tables are established by the Indiana Department of Local Government Finance as a starting point for property and building values for tax purposes. Depreciation tables are established to allow for the depreciation of structures.
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Wayne Township’s assessed value was down $65.7 million, which is based on the real estate market, township trustee Betty Smith said.
“Everything is based on the market, sales, trends,” she said. “We still look at the cost of the building, but it generally is based on market values.”
Trends abound. Values for farmland have risen, as have those for barns and farm out-buildings, mobile homes, and commercial properties, particularly fast food and other small businesses.
For industrial property, values generally stayed the same or dropped. On residential properties, the values are all over the place.
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http://www.pal-item.com/apps/pbcs.dll/article?AID=2012308280018
