As of its monthly report submitted to the Department of Local Government Finance March 1, 10,880 of the county's 23,597 parcels have been inspected.
"One of our benchmarks is to complete the appraisal of half the parcels for the 2012, Reassessment by April 30," Clay County Assessor Mark Barnhart told The Brazil Times. "Right now, we are at 46.1 percent complete, so we are a little bit ahead of schedule."
The office also has nearly a year to appraise the remainder of the parcels as May 1, 2012 is the deadline to submit the information to the DLGF.
Tyler Technologies, CLT Division (which is based out of Dayton, Ohio, with offices in Indiana) is contracted to complete the 2012 Reassessment.
Barnhart added his office is also nearing completion of the ratio study for the 2011 pay 2012 property tax year.
"We are basically ready," he said. "There are a couple more things to finalize, but it will be completed before the deadline of May 1, 2011."
A ratio study measures the accuracy and equity of assessments, and is determined by dividing the sale price of a property from its assessed value.
"We take the valid sales of home purchases and compare them relative to other homes in its specific neighborhood," Barnhart told The Brazil Times. "To qualify as a valid sale, the property can not be a foreclosure or in a sheriff's sale."
The Assessor's Office is also responsible for determining land values on residential, commercial and industrial properties, which must be submitted to the Property Tax Board of Appeals (PTABOA) by July 1.
"We are well on our way to completing that before the deadline as well," Barnhart said. "One aspect we do not determine when it comes to land values is agricultural land, which is decided by the DLGF."
For the 2010 pay 2011 property tax year, the DLGF has determined land values for agricultural purposes to be $1,500 per acre, up from $1,250 last year. Agricultural land is the only major category of real property not assessed at fair market value, and on average, it is assessed at approximately one-third of its market value.
"We are still moving along gathering all the information we need to meet all of the deadlines and entering the information into our Computer Assisted Mass Appraisal (CAMA) system so we are continuously moving forward in maintaining an on-time property tax billing schedule," Barnhart told said.