Indiana Commercial Real Estate Owners to Receive Form 11 Notices by April 30

Indiana commercial real estate owners and investors should expect to receive their Notice of Assessment (Form 11) in the coming days, if they have not received them already, as county assessors statewide have an initial mailing deadline of April 30th. For counties that are able to meet this mailing deadline, taxpayers will have an appeal deadline of June 15, 2023 for their 2023 assessments. Please note, April 30th falls on a Sunday for the 2023 assessment year, so April 28, 2023, is the last date to mail the Form 11 for the appeal deadline to be June 15, 2023. If the county mails the Form 11 on or after May 1, 2023, taxpayers have until June 15, 2024, to appeal the 2023 assessment.

Alternatively, a county can use the tax bill as the Notice of Assessment. There are several counties each appeal cycle that are in arrears, so property tax consultants and commercial real estate owners alike will be reviewing the 2022 assessments for these counties for the statewide 2023 appeal deadline. This approach is most notably taken by Marion and Lake Counties. There are instances where the timing of notices may mean we are reviewing two assessment years for the current appeal deadline. For example, Madison County sent 2022 Form 11 Notices after April 30, 2022, and they are sending out 2023 Form 11 Notices before May 1, 2023. As a result, Invoke Tax Partners will be reviewing the 2022 & 2023 assessments in Madison County for the June 15th appeal deadline.

Indiana commercial real estate values across all asset classes are increasing year-over-year, and county assessors are getting more aggressive with their valuations. Additionally, Indiana mandated new cost tables for the January 1, 2022 assessment year, which resulted in larger than typical increases last year (and will for those handful of counties that we are reviewing 2022 assessments). Invoke strongly recommends enlisting the assistance of a local subject matter expert while navigating these nuances and to ensure clients are in the best position to combat the rising property values.

If you own commercial real estate in Indiana and are anticipating the receipt of or have just received your Form 11 notices, contact our Indianapolis, IN office for assistance with appeals.