Recent flooding, tornadoes and severe weather have caused significant property damage across parts of Indiana. For businesses and property owners affected by these events, the immediate priorities are understandably safety, cleanup and getting operations back to normal. However, there may also be important property tax considerations that should not be overlooked.
Indiana provides potential property tax assessment relief for certain real and personal property that has been damaged as a result of a natural disaster. Depending on the circumstances, property owners may have an opportunity to seek an adjustment to the assessed value of damaged property.
Businesses that have experienced damage to buildings, equipment or other taxable property should consider evaluating their situation sooner rather than later. There may be specific requirements and filing procedures that need to be followed in order to pursue available relief.
The Baden Tax Management team is actively working with clients impacted by recent severe weather and helping them understand the property tax implications and potential opportunities available to them.
