Marion County Assessor Greg Bowes, a Democrat, this morning announced that assessments supporting 2010’s property tax bills have been processed and approved, setting the stage for the bills to be sent on time for the first year since 2006.

Property tax bills spiked following statewide reassessment in the summer of 2007 and sparked large public protests. As a result, Indiana Gov. Mitch Daniels, a Republican, ordered another assessment of all Marion County properties. Bills have been repeatedly delayed ever since.

In 2008, the General Assembly enacted property tax caps to keep bills in check, limiting them to 1 percent of a home’s assessed value, 2 percent of a rental property’s and 3 percent of a business’s. But the system can work properly only if assessed values accurately reflect every property's market value. Legislators are expected to debate in 2010 whether to permanently enshrine the tax caps in the Indiana Constitution.

According to Bowes, more than 82 percent of local homeowners will see their assessments decrease next year. When coupled with the state’s 1-percent property tax cap on homes, he said local homeowners should see meaningful property tax relief.

Thanks to a 2008 public referendum, the Marion County Assessor’s office has absorbed nine local township assessors. As a result, Bowes said, the new assessments will be more accurate, equitable and uniform. He said assessor consolidation is budgeted to save taxpayers $2 million annually in assessment costs.

Property taxes are paid in two installments, due in May and November. To check any Marion County property’s new assessment, visit here or here. General information about assessments and property taxes is available here or here.