Updated: November 7, 2026 · By Mark Dietel, Broker/Owner, Mark Dietel Realty · 11-minute read
Quick answer: Mark Dietel Realty advises Indiana sellers to set a list price from a comparative market analysis (CMA), because the assessed value is a January 1 tax figure and an online estimate is a computer's guess. Use the assessed value to check your tax bill, and file a Form 130 appeal only if the county's facts or value look wrong.
What we analyzed: the Indiana Department of Local Government Finance (DLGF) appeal-process fact sheet, read on November 7, 2026. We did not use accuracy statistics or data from any online home-value site. Laws and forms change, so confirm current wording with your county assessor.
Three numbers describe your house, and each answers a different question. The county's assessed value exists to share the property tax bill fairly. An online estimate such as the Zestimate exists to give a fast, automated guess. A CMA exists to help you choose a list price. The assessed value is the only one of the three with a formal appeal process written into Indiana's rules, and the only one built for taxes instead of a sale price. Knowing that explains most of the gap between the numbers.
Key takeaways
- The county's assessed value measures what a willing buyer would pay as of January 1 of the assessment year, for tax purposes.
- An online estimate is a computer's guess from the records and listing data the site has on file, without a view inside your house.
- A CMA is an agent's side-by-side look at sold, pending and active homes, and it fits a list-price decision.
- Only the assessed value has an Indiana appeal path (Form 130), and a successful appeal lowers a tax bill while buyers set offers from competing homes.
Why do three values for the same house disagree?
Each value answers a different question with different data on a different date. The county estimates what a willing buyer would pay as of January 1, so tax bills are shared fairly. An online model guesses by computer. A CMA compares your home with sales and listings a person chose after seeing your street.
The three home values compared
| Value | The question it answers | Who produces it | What it is built from | Good for |
|---|---|---|---|---|
| County assessed value | What is this property's share of the tax base? | The county assessor, under DLGF rules | Earlier sales, adjusted to a January 1 assessment date | Checking your tax bill and the facts on your property record. The only one of the three with an Indiana appeal path. |
| Online estimate (the Zestimate and similar) | What might a computer guess for a home like this? | A website's automated model | Public records, past sales and listing data the site has on file | A quick first look that raises questions. |
| CMA (comparative market analysis) | What list price fits this house against the homes buyers will see this month? | A licensed agent | Closed sales, homes under contract and active listings, plus a visit to your house | Choosing the list price and the plan for the first weeks on the market. |
None of the three is an appraisal. A lender's appraisal is a fourth number that appears later, only if a buyer finances the purchase. We cover what happens when that one comes in short in The appraisal came in low on my Indiana sale: now what?.
What does the Indiana assessed value actually measure?
It measures what a willing buyer would pay as of January 1 of the assessment year, according to the DLGF fact sheet. The county builds it from earlier sales so taxes are shared evenly. It is built for taxes, so it says little about what a buyer will pay this month.
Your county mails a Form 11 notice of assessment. In our experience, the notice and the county's property record show the facts on file, such as living area, bedrooms, baths, finished space and lot size. A finished basement that does not exist, or a bathroom count that is off by one, moves the number just as a wrong sale would.
The assessed value also drives your tax bill, which is a separate question from price. If your bill looks high next to a neighbor's, Why is my Indiana property tax bill higher than the seller's? explains the pieces, and How to file the homestead deduction in Marion or Johnson County covers a deduction many owners miss.
How do you challenge an assessed value that looks wrong?
You file a Form 130 petition with the county. The table lists the steps and exact deadlines from the DLGF fact sheet. A separate petition is required for each parcel.
Indiana assessment appeal steps and deadlines (DLGF fact sheet, read November 7, 2026)
| Step | What happens | Detail from the DLGF fact sheet |
|---|---|---|
| 1. Notice | The county mails Form 11, the notice of assessment | Check the facts on the property record card first |
| 2. Petition | You file Form 130 with the local assessing official | Deadline is June 15 of the assessment year if the county mailed Form 11 before May 1. If it mailed on or after May 1, the deadline is June 15 of the year the tax bill is mailed. The earlier applicable date controls. |
| 3. Evidence | You show why the value is too high | Accepted evidence includes a sale of your property, comparable sales, offers to purchase and a licensed appraisal. An appraisal is not required. If the assessment rose more than 5% over the prior assessment date, the assessor carries the burden of proof. |
| 4. Meeting and hearing | An informal meeting, then a hearing before the county board (PTABOA) | The hearing is held within 180 days of your petition, with written notice mailed at least 30 days before. |
| 5. Further appeal | If you disagree with the result, you can file Form 131 with the Indiana Board of Tax Review | Further review goes to the Indiana Tax Court, then the Indiana Supreme Court. |
| While you wait | You may pay taxes based on the prior year's assessment | No penalty applies while the appeal is pending. |
A successful appeal lowers your tax bill, and buyers set offers from the homes they can buy instead. This is general information, not legal, tax or appraisal advice. Confirm your situation with the Marion County or Johnson County Assessor, a CPA or an attorney.
How do online estimates like the Zestimate work?
An online estimate is a computer model's guess at a home's value. It uses what the website has on file, such as public records, past sales and listing data. It cannot see your new roof, your foundation repair or the condition inside, so treat it as a first look and a list of questions, not a price.
Our read: estimates run closest when a house looks like the homes around it and the neighborhood has had several recent sales. They drift when a house has been updated or neglected, when it is unusual in size or style, or when few similar homes have sold nearby.
We left every accuracy statistic out of this post on purpose. Those figures come from the sites themselves, and each site defines accuracy in its own way. Write down the estimate and what it assumes about your home, and bring both to your CMA conversation.
What is a CMA, and why does it set your list price?
A CMA, or comparative market analysis, is an agent's side-by-side look at your home and the sold, pending and active homes buyers compare it with. It produces a price range and a plan. It is an opinion of price for listing and is not an appraisal. In our experience, it is stronger when the agent has seen the inside of your house.
Our view at Mark Dietel Realty: An appraisal and recent sold comparables show where the market was. Buyers decide based on where your competition is today: the homes for sale now, at your price, with their features.
A CMA needs more than closed sales. Closed sales show what happened. Homes under contract show what buyers accepted lately. Active listings show what your home sits next to when a buyer's agent builds a tour.
What a useful CMA includes:
- Closed sales of similar homes nearby, with sale dates and each home's size, age and condition.
- Homes under contract now, and how long they took to get there.
- Active listings in your price range, including any price changes and days on market.
- Adjustments for differences such as a finished basement, a newer roof or a smaller lot, explained line by line.
- A price range with the reasoning, and a plan for the first weeks on the market.
- A written net sheet that shows what you would keep at each price. Our guide to what goes into a seller net sheet walks through the lines.
If you want a do-it-yourself starting point before you call anyone, 3 simple ways to find your home's true market value covers what you can check on your own.
Which number should you use at each step of selling?
Use the assessed value to check your tax bill and spot errors on your record. Use an online estimate as a quick check before you call anyone. Use a CMA to choose the list price. Use a lender's appraisal later, when a buyer's loan calls for one.
Which home value fits which decision
| Decision | The number that fits | Why | Watch out for |
|---|---|---|---|
| Checking your property tax bill | County assessed value | It is the figure the tax bill is built from | Errors in the property record card |
| Curious before you call anyone | Online estimate | It is free and takes a minute | It cannot see condition or updates |
| Choosing the list price | CMA | It uses current competition, not only past sales | A CMA written without seeing the inside of the house |
| Answering the first offers | CMA plus your net sheet | It shows what each offer leaves you with | Judging offers by the assessed value |
| A buyer's lender orders an appraisal | Lender's appraisal | It is the number the loan is based on | It reflects past sales, so it can lag the competition |
| Believing the assessment is too high | Form 130 appeal with comparable sales | It is the only formal path for that number | Missing the filing deadline |
Each choice has a cost. A Form 130 appeal takes time and only moves a tax bill. Skipping it costs nothing at listing time but leaves any record error in place. An online estimate is enough for a first look, and pricing from it alone risks pricing from facts your house does not have. A CMA takes a visit and a conversation, and it is the step that sets your price.
What does this look like in Central Indiana?
Take a hypothetical owner of a three-bedroom ranch on the Southside of Indianapolis who plans to list this winter. The figures below are made up to show how the three numbers can sit side by side. They are not a market statistic and they are not a price for any real address.
Hypothetical example: three values for one Southside ranch
| Number | Hypothetical figure | What it tells the owner |
|---|---|---|
| County assessed value (January 1 snapshot) | $240,000 | The base for the tax bill. It says little about the list price. |
| Online estimate | $275,000 | It assumes standard condition. The owner has a new roof and a finished basement, so the question is what the estimate missed. |
| CMA price range | $262,000 to $282,000 | Built from closed sales, homes under contract and active listings in the same price range. |
| Lender's appraisal (only if a buyer finances) | Not yet known | It will look back at closed sales, so we compare it with the CMA's contract and active homes. |
The county number sits lowest because it is a tax figure tied to a January 1 date and earlier sales. The online estimate cannot see the inside of the house. The CMA gives a range because buyers touring that week compare the ranch with whatever else is for sale at that price.
A written net sheet then subtracts your mortgage payoff, your negotiated agent compensation (enter yours) and the other costs of selling, so you see what you would keep. Commissions are fully negotiable and are not set by law.
When this doesn't apply
A CMA is the right tool for most single-family homes, condos and townhomes that have similar homes selling nearby. It fits less well in these cases:
- New construction, acreage, unusual or one-of-a-kind homes, where few true comparables exist. Use a licensed appraiser's opinion alongside the CMA.
- Estates and inherited homes, where an attorney or court may require a formal appraisal. Use the appraisal your attorney requests. See Do heirs need a date-of-death appraisal in Indiana?.
- Divorce settlements, where a spouse buyout or a court order may call for an appraisal. Use the one your attorney asks for.
- Rental or mixed-use property, which is often valued on its income as well as its sales. Ask a CPA or an appraiser who values income property.
- Owners whose only goal is a lower tax bill. In that case use the Form 130 path and the county assessor, not a CMA.
What to do next
- Pull your Form 11 or property record card from your county assessor and check the bedrooms, baths, living area and finished space.
- Write down the online estimate and what it assumes about your home, and note the date.
- Ask for a CMA from an agent who will walk through the house, and ask to see each comparable and each adjustment.
- Request a written net sheet at two or three possible prices.
- If your property record has errors or the assessment looks high next to similar homes, check the Form 130 deadline with your county assessor before you list.
Prefer to talk? Call (317) 426-9911. Mark Dietel Realty has offices in Southside Indianapolis, Greenwood and Bloomington.
Frequently asked questions
Is my assessed value the same as my market value?
No. The assessed value is the county's estimate of what a willing buyer would pay as of January 1 of the assessment year, built from earlier sales for tax purposes. Market value for a sale is whatever buyers will pay for your house now, which a CMA tries to estimate.
Can I list my house at the assessed value?
You can list at any price you choose, but the assessed value is not designed to be a list price. It uses a January 1 date and earlier sales. A CMA uses current competition, which is what buyers compare when they tour your home.
Does winning a property tax appeal change what buyers will pay?
No. An appeal changes the assessed value used for your tax bill. Buyers decide what to pay by comparing your home with others they can buy, so the appeal result is not a pricing tool.
Why did my assessed value jump this year?
Your Form 11 shows the new figure and the property facts behind it, so start by checking those facts and asking the assessor how the value was set. If the assessment rose more than 5% over the prior assessment date, the DLGF fact sheet says the assessor carries the burden of proof in an appeal.
Can I use an online estimate in a tax appeal?
The DLGF fact sheet lists a sale of your property, comparable sales, offers to purchase and a licensed appraisal as acceptable evidence. It does not list online estimates. Comparable sales of similar homes are the stronger path.
How is a CMA different from a lender's appraisal?
A CMA is an agent's opinion of price used to list a home. A lender's appraisal is ordered for a buyer's loan and reflects past closed sales. Both can be useful, and they can differ, which is why we compare them to the homes buyers see today.
Do I need an appraisal before I list?
A pre-list appraisal is optional. Most sellers start with a CMA. An appraisal can help when a court, an estate or a divorce settlement calls for a formal valuation. Ask your attorney or CPA if you are unsure.
What if the CMA is lower than I hoped?
Ask to see every comparable and each adjustment, and ask which homes buyers are choosing instead of yours. Then ask for a net sheet at the CMA's low, middle and high price. The numbers show what each price leaves you with, so you can decide with facts.
This is general information, not legal, tax or appraisal advice. Confirm your situation with the Marion County or Johnson County Assessor, a CPA or an attorney. Mark Dietel Realty - offices in Indianapolis (Southside), Greenwood and Bloomington, Indiana.
Sources
- Indiana Department of Local Government Finance, Assessment Appeals fact sheet (appeal process, Form 11, Form 130, Form 131, assessment date, evidence, 5% burden-of-proof rule, 180-day hearing window): https://in.gov/dlgf/files/180309-Fact-Sheet-Appeal-Process-Fact-Sheet.pdf (read November 7, 2026).
- Mark Dietel Realty Positions Library, entry P-07 (appraisals reflect past sales), confirmed October 5, 2026.
