Appeals Are Due by June 15, 2026. Here’s What You Need to Know.

If you own or operate apartments in Indianapolis, your next property tax bill may be significantly higher than expected. The Marion County Assessor’s Office added nearly $2 billion in assessed value across approximately 1,000 apartment complexes with 20 or more units, and more increases are on the horizon for the 2026 tax year.

Breaking Down the Increase and Those Next To Come

Indiana’s property assessment system typically starts with base rates set by the Indiana Department of Local Government Finance, or DLGF. Those base rates act as the foundation for calculating what your improvements are worth, then other factors like age, condition, and size are analyzed and applied to the value.

The DLGF removed a downward adjustment for the January 1, 2025 assessment date, resulting in a significant jump in base rates for all property types, including multi-family properties. These higher base rates have significantly driven up values and resulted in higher property tax bills. We’re learning that the DLGF further increased base rates for this year’s assessments, creating two consecutive years of massive tax jumps. The compounding effect on your tax liability can be significant, especially if your property is newer or carries higher construction quality ratings.

Indiana Tax Code Defines Assessment Methods

Indiana law mandates that the true tax value of multi-family properties with more than 4 rental units must be assessed at the lowest of three approaches to value:

  • The Cost Approach – Includes an estimated reproduction or replacement cost of buildings and land improvements
  • The Sales Comparison Approach – Uses data for generally comparable property
  • The Income Capitalization Approach – Evaluates a property’s income potential to arrive at its value

That means every assessor in Indiana is required to calculate all three approaches for complexes with 5 or more units and apply whichever comes in lowest. They’re also required to share those calculations with property owners when asked.

The root of the problem lies with the base rate. When those rates rise, the cost approach rises with them, pushing the “lowest of three” number higher across the board. For older properties in particular, the cost approach has historically been the lowest of the three. With these new higher base rates, that built in relief is not as strong as it used to be. And when cost approach values rise, it puts upward pressure on the whole analysis.

The June 15, 2026 Deadline Is Approaching Quickly

For Indianapolis taxpayers, your spring 2026 tax bill is the official notice of your 2025 assessed value increase. That means your appeal deadline is June 15, 2026. If you miss it, you lose the right to challenge your 2025 assessed value. Preliminary values are already available online and are expected to remain largely unchanged from what shows up on your tax bill. Don’t wait until you get the bill to start thinking about whether your value makes sense, start reviewing now.

Reducing Property Tax Burdens

Property taxes are one of the single largest operating expenses for multi-family owners. A meaningful increase in assessed value doesn’t just affect this year’s bill, it also creates a new, higher starting point that future assessments are built on. The compounding effect over several years can be substantial.

And for properties carrying significant deferred maintenance, vacancy issues, or market rent pressure, an assessment driven entirely by inflated base rates may not reflect the actual income producing capacity of your asset. That’s exactly the kind of gap that a well-supported appeal can address.

Our team has the deep expertise to understand how assessors apply base rates, how the three approaches to value interact, and where the opportunities are to bring assessed values back in line with reality. We look at the data, we determine what your property is actually worth in the current market, and we know how to make that case effectively through the appeals process.

If you own multi-family property in Marion County and your assessment feels out of step with your property’s actual value and income performance, connect with our team. Together, we’ll talk through what you’re seeing on your assessment and whether an appeal makes sense for your portfolio.