Clay County Assessor Mark Barnhart recently spoke to The Brazil Times about the changes, which put a temporary hold on using the Reassessment Fund.
"Starting with the upcoming budget year, the fund will essentially be untouchable until July 1, 2015, which is when we can begin working on the 2017 Reassessment," Barnhart said. "So until that point, the Reassessment Fund is basically a savings account."
With the changes, which are in accordance with Indiana Code 6-1.1-4-27.5(c), auditors in each of the state's 92 counties will establish a 2017 Reassessment Fund #0124 for the receipt of the future property tax collections.
Barnhart added the Indiana Department of Local Government Finance (DLGF) has certified Clay County's portion of the 2010 pay 2011 reassessment fund levy at $353,669.
"The levy is a little less than the average expenditures from our Reassessment Fund during the past five years," he said.
Due to the changes, Barnhart has to shift some line items from the Reassessment Fund back to the General Fund.
"We cannot use the Reassessment Fund right now to fund staffing or other needs because it is strictly for reassessment," Barnhart told The Brazil Times. "So we moved those items to the Assessor's Fund, although there may be a chance we could move them back to the Reassessment Fund once those monies are available again."
When it comes to the current 2012 Reassessment, Barnhart said work is a little bit ahead of schedule.
"We are required to have one quarter of the work done by Dec. 1, but we have almost reached that point now," he said. "The entire reassessment must be completed by March 1, 2012, which shouldn't be a problem for us."
Tyler Technologies, CLT Division (which is based out of Dayton, Ohio, with offices in Indiana) is contracted to complete the 2012 Reassessment. After initially working a rolling reassessment since Fall 2007, the county had to re-bid the work earlier this year with the legislature deciding to utilize only a General Reassessment of the state.
"With so much of the work being done before the contract had to be re-bid, we are conducting the reassessment with a visual inspection of all parcels," Barnhart said.
According to a memo sent by the DLGF on Sept. 17, the land values for all parcels must be submitted to the Property Tax Assessment Board of Appeals (PTABOA) by July 1, 2011.
"If an assessor does not meet the deadline, the PTABOA then becomes responsible for determining the values," Barnhart said. "That shouldn't be an issue for Clay County, so all the PTABOA would have to do is review the values before submitting them to the DLGF."
Even though legislation has put a hold on utilizing the Reassessment Fund for the next few years, Barnhart said it may be beneficial.
"It may help the reassessment process down the line because it ensures there is funding available to do the work," he said. "Of course, this is assuming everything stays the same between now and then. There is a lot of things that can change in the next four or five years."