Milwaukee, WI · Member since 2015 · 37 posts · 8 votes
Can somebody please help me understand these! On the summary of improvements what is the grade and condition and how do they determine this? Also were do I find property taxes?
No idea how to really read the property card. As for the property taxes... I don't know if there's an easier way, but I just get the parcel number, then go to the Indianapolis Treasurer site. Then go to the Property Tax Homepage (It's on the left hand side), Then "View or Pay Bill", then click Real Estate Taxes, then type in the parcel number. I tried using addresses but it wouldn't find the invoice. The Invoice's 2nd page shows the taxes and cap.
No idea how to really read the property card. As for the property taxes... I don't know if there's an easier way, but I just get the parcel number, then go to the Indianapolis Treasurer site. Then go to the Property Tax Homepage (It's on the left hand side), Then "View or Pay Bill", then click Real Estate Taxes, then type in the parcel number. I tried using addresses but it wouldn't find the invoice. The Invoice's 2nd page shows the taxes and cap.
Marion county property cards are not the best source of data, but they do provide some valuable info. The information in them is determined from exterior drive by's and walk arounds by Marion County tax assessors, and previous known information (like building permits and inspections).
On the summary of improvements, the grade is simply used to determine the replacement cost of the building. If an improvement has a grade of "C." then the replacement cost is 100% of the assessed value for insurance purposes in case of total loss. Grades of B, A, AA, and AAA all represent better than standard build quality, and a grade of D or E represents lower quality. Here is a link for more information on that: http://www.in.gov/dlgf/files/2011_Appendix_A_Final...
To find property taxes, I recommend looking at the tax history on zillow or realtor or trula. A quick and dirty (conservative-ish) calculation for Indy investment properties is to look at the assessed value and multiply by 2.5% per year. Evan in the post above had a more precise method.
Looks like this thread is dead. Well be that as it may. During the due diligence process, I'm being guided via reading that I should look over the property card as part of fact finding and such. Now I feel confident that I can verify things like sqft., bed/bath configuration, and I believe I am able to get back tax information this way as well when pulling up the property card. My questions are: What value does the assessed value represent in understanding the property and its potential? Are there any pointers or rules of thumb for what to gain from looking over the property card?
The responses from years ago are spot on and nothing's changed. The assessed value is normally not worth anything. I can be vastly different to what a property will sell for. The sq. ft and layout is helpful, the owners address is helpful, and any recent sales numbers are helpful. I love checking out the property cards > property taxes.