assessment of property values in Marion County has resulted in an increase of $5.6 billion

A "re-do" assessment of property values in Marion County has resulted in an increase of $5.6 billion -- or about 10.8 percent -- in the county's total assessed value, state officials said today.
Taking the biggest hit were commercial and industrial properties, which increased by 32 and 35 percent, respectively.

Residential values dropped by less than 1 percent.Exactly how the new property values will affect 2007 tax bills is still not clear, because state and county officials now must recalculate tax rates before make-up bills are distributed later this year.

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