Assessor Sharp told the Monroe County Board of Commissioners on May 1 that the county needs to pay $2,900 for a second appraisal from Integra Realty Resources to meet requirements for an appeal to the Indiana Board of Tax Review involving The Dillon apartment complex.

Sharp said the appraisal firm conducted a USPAP-compliant appraisal but must prepare a second report using the state’s cost tables so the county’s expert can present both versions at the IBTR hearing. “He did the original appraisal, use USPAP,” Sharp said, and, because the IBTR expects the state cost tables, “he is asking us to spend a little bit more money.”

The second appraisal will use the state cost tables instead of the more commonly used Marshall & Swift tables, Sharp said, and Integra’s David Hall will present both reports at the hearing. Sharp said the state’s online cost tables had not been updated since 2018 in one place she checked, which required staff to supply the firm with the county’s updated tables.

The board voted, by voice, to approve the Integra Realty Resources Valuation Services payment for County General fund number 1000 in the amount of $2,900; the motion carried 3-0. Sharp described the dispute as unusual and said Monroe County may be an early test case for how the IBTR treats appraisal cost tables.

No hearing date was provided at the meeting. Sharp said the appraisal process and testifying at the IBTR can be lengthy: she expects hearings that often last up to a week with experts on the stand multiple days.