<p>Indiana uses an assessment standard for property taxes called “market value in use.” The assessment is the value of the property decided by the county assessor for tax purposes. It’s a prediction of what the house could sell for, on the open market, if it continues in its current use. How much would a stranger pay for your house, if they want to live in it, and not convert it to some other purpose? Purdue ag economist, Larry DeBoer, explains.</p>