Assessor explains reassessment methods and why residential values rose most in last decade

An agency official from the assessor's office walked the commissioners through the mechanics behind recent assessment changes and why residential properties absorbed the largest share of assessed-value increases over a decade. The official described the state's recommended cost approach, recent updates to cost tables and an economic modifier that together produced back-to-back valuation increases.

"So the state recognizes the 3 approaches to value... the cost approach. That is how many what it takes to build something," the assessor said while explaining how replacement-cost calculations and updated cost tables affect assessed values. She warned that outliers will exist and urged taxpayers to meet with the assessor's office if a parcel's card does not reflect accurate data.

The assessor also noted a state change in personal property exemptions: "The general assembly increased the personal business personal property deduction from 80,000 to 2,000,000," which means many small businesses no longer have to file the tax if equipment is below the new threshold. Commissioners and staff discussed implications for TIF bases, industrial and commercial valuation, and the timetable for cyclical reassessments in local townships.

The office said the next cyclical reassessment phase will affect properties in Clinton, Fairview and Universal townships and will be used to calculate pay-2028 taxes. Staff offered to meet with residents after budget hearings to review individual appraisal cards and data.