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By LARRY DeBOER
Every six to 10 years Indiana has a statewide reassessment to update property values for property tax bills. We remeasure the characteristics of real property – square footage, building materials, home improvements and so forth.
We apply new data on prices and costs to these characteristics. Since we waited so long between reassessments, we would update for six to 10 years of inflation all at once. Assessed values would jump.
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