I have a friend that runs an auto body repair shop. He can do some pretty amazing things with a dented fender, but sometimes the damage is so bad there is nothing to do but replace it. Sometimes there are so many problems with a car that it simply can’t be fixed.
There are a lot of things in this world that can’t be fixed. One of those things is property taxes. We’ve seen a good example unfold in New Castle over the last few years. The owners of the Kentucky Fried Chicken Restaurant on Memorial Drive saw their property taxes increase from $5751.26 in 2005 to $31,453.61 in 2009, based on the increased assessed value of their property.
Last week, the New Castle Courier-Times reported that after a two year battle, the Indiana Board of Tax Review has ruled that the property’s assessed value should be reduced by almost half. While that is certainly good news for the property owners, it points out just one of the many flaws in the property tax system.
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