2021 Form 11 Info

Q: I just received my Form 11 in the mail. I just paid my tax bill, so what is this?

A: Your Form 11 is NOT A BILL. It is an annual notice sent by your county assessor’s office informing you of the assessed value of your property as of January 1, 2021. Your Form 11 shows last year’s assessed value of your property as of January 1, 2020, and the new value as of January 1, 2021.

Q: Hey, my value increased! I didn’t do anything to my property last year, so why did my value go up?

A: Every year, assessors perform what is called “annual adjustments” to the real property in the county. These adjustments require assessors to research sales of properties in a particular area over the past year. This sales information allows assessors to estimate the value of similar properties in the same area to determine assessed value. For example, say the five properties below are 2020 sales of houses in the same neighborhood. The table below shows their sale price versus their 2020 assessed value:

Ratio Graphic

The assessor sees that the 2020 sales prices are, for the most part, higher than the current assessed value. The median ratio is .95, indicating that the values should be increased for 2021 to reflect current market value-in-use.

To see what the sales look like in your neighborhood, you can access that data by clicking on the image below.

2021 Ratio Map

RatioMap

Q. Wait, what is market value-in-use?

A. Per Indiana Code, all real property (except for agricultural land, which is valued differently) in the state of Indiana is given a true tax value based on its market value-in-use. This is defined as “the market value-in-use of a property for its current use, as reflected by the utility received by the owner or by a similar user, from the property.”

Q. Okay, but the new value on my property seems really high. I don’t think anyone would pay that much for my property!

A. Tippecanoe County has consistently had a strong real estate market for the past six years. In fact, in 2020, the Lafayette, Indiana real estate market was present on Realtor.com’s “Hottest Markets in US Real Estate List” for 10 out of 12 months. Many properties in this area sold for over their asking price in 2020. But don’t take Realtor.com’s word for it – you can view sales information compared to assessed values for specific neighborhoods by using the comp search tool on Beacon.

Q. But what about the impacts of the coronavirus on the real estate market! That must affect the value of my property, right?

A. The impact of the coronavirus is changing the economic situation in the country and around the world by the minute! In regards to residential property in Tippecanoe County, Covid has not slowed or depressed the market at all. To the contrary, residential property is typically selling for above listing prices with extremely short times on the market. Additionally, the cost of building materials has risen, making new construction even more expensive. This also appears to be the case regarding commercial real estate as well. New construction is moving forward and sales of existing commercial properties continue to be strong, especially in the apartment and warehouse sectors.

Q. I’ve looked at the resources available, and I still think my assessment is wrong. What can I do?

A. If you believe the value of your property differs from its assessed value, you may appeal the assessment. If you need assistance in filing, you can stop in the Assessor's Office or contact the Assessor’s Office by either email or phone at 765-423-9255 (Note: due to the ongoing COVID-19 situation, we strongly encourage you to contact our office electronically). In order to successfully appeal your assessment, you should establish a valid case. This can be accomplished by providing information such as sales of the subject property, comparable properties, or an appraisal (although an appraisal is not required to appeal your assessment). Note: If the assessed value increased by more than 5% over the prior year’s assessment, the burden of proof is on the assessing official unless there has been new construction on the parcel. However, you still must file an appeal.

Q. How do I file an appeal?

A. Appeals can be filed online here.  

Q. How long do I have to file an appeal?

A. The appeal window for 2021 is open from May 1, 2021 through June 15, 2021.

Q. I’ve filed my appeal. What’s the next step?

A. A representative from the Assessor’s Office will be in touch to schedule an informal meeting between the Assessor’s Office and the taxpayer (or tax representative). Due to the ongoing COVID-19 situation, this meeting may be performed over the phone or online. The results of this meeting will then be forwarded to PTABOA, the county’s Property Tax Assessment Board of Appeals, who will hear the appeal and the proposed agreed-upon resolution (if there is one) from the informal meeting. If there is a resolution, PTABOA can vote to approve or deny it. If there was not a resolution from the informal meeting, PTABOA will hear the appeal and the taxpayer will have an opportunity to present their side of the appeal and supply supporting evidence. PTABOA will then make a determination regarding the appeal. More information about the appeals process is found here.