Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Assessment topic
No spam. Unsubscribe anytime.
Broad Ripple property owner says new assessment outstrips likely income
Summary
A Broad Ripple owner told Marion County’s property appeals board that a 2025 assessed value jump to $693,000 imposes an unreasonable tax burden given the building’s small size and limited rental income; staff said a field reassessment is planned and the board allowed a late filing.
A Broad Ripple property owner appealed a 2025 assessment that rose from about $313,800 in 2024 to $693,000 this year, telling the Marion County property appeals board the figure far exceeds what the building can realistically earn.
“The property taxes, just based on the cost approach, would be over 30%, basically, of the gross revenue of the property,” the owner said, describing the site as two small buildings (the larger roughly 1,200 square feet) and estimating fully leased gross revenue at about $60,000 a year. The owner also said notice had been mailed to a California address, which delayed his ability to file on time.
Assessor staff described the three standard valuation approaches—cost, income and sales comparison—and said the office will conduct a targeted reinspection of Broad Ripple properties in the coming weeks because of a cluster of appeals. Staff told the board they had not yet completed a full review of the owner’s financial statements but would do so if the board allowed an appeal for the 2025 tax year.
Board members noted the owner could pursue an objective-error appeal if an administrative mistake (for example, incorrect square footage or a missing structure) were found that would allow adjustments for earlier years. The board voted to accept the late filing so staff and the taxpayer could exchange documents and examine the parcel before any formal valuation change is adopted.
