Floyd County Indiana officials recently discovered an error in the county's property tax assessments. The error resulted in an $89 million undervaluation of railroad and utility properties, which led to higher property taxes for the county's residential and commercial property owners.
The error occurred when the auditor's office failed to submit a form to the state that included the taxing values for the railroad and utility properties. As a result, these properties were not included in the county's total assessment pool. This meant that the remaining properties had to be assessed at a higher rate in order to meet the county's revenue requirement.
The error was discovered by the new auditor, Diana Topping, who took office in January 2023. She contacted the state and the county council to inform them of the error and began working on a way to resolve the issue.
The county council approved a resolution to correct the error which involved revaluing the railroad and utility properties and issuing new property tax bills to residential and commercial property owners. Taxpayers will receive these corrected property tax bills over the next several days per the Floyd County Auditors office.
The new bills will reflect the correct assessed value of the properties, which will result in lower property taxes for many taxpayers. Homeowners and businesses will be issued credits for the amount they overpaid, which will be applied to 2023's second property tax installment. However, in some instances, taxpayers will be able to get a reimbursement for their overpayment.
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If you are selling your house soon, it will be important to work with your Realtor and other real estate professionals to properly communicate your home's corrected assessed value to potential buyers.
For those who have their property taxes withheld as a part of the mortgage payment, it will also be critical to communicate the change in property taxes to the company that services your mortgage so they can make adjustments to your monthly payments as well.
A statement from Auditor Topping on this matter can be found at the bottom of the page at this link: https://floydcounty.in.gov/index.php/floyd-county-government/floyd-county-indiana-treasurer
If you have any questions on this topic and how it may affect you and your property, please message us at 812Living@gmail.com.
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