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“According to tax records, the building is assessed at $1.9 million but it last sold in 2021 for $12.8 million.”
State law requires assessed valuations be based on fair market value (which by industry standards is best established by the most recent sale of the building to a willing buyer without discounts or inducements), so how can this property’s tax valuation be so far off the mark?
Even in the year after the sale, I’ll bet the building was never assessed for tax purposes for even 25-percent of the purchase price.
This very thing is what caused the 2006 tax revolt and the referendum on tax caps: assessed value getting out of whack with fair market value during a real estate boom (AV too low), and then snapping upward when the assessors realized they were in violation of the State requirements.
I’m with you Brent. WTF? They sure managed to get my property reassessed to market value, yet IU Health is assessed at approx 15% of value. Wonder why “we don’t have the money” to pave our decrepit roads? Corrupt Indy BS.