Indianapolis, IN CAM Reconciliation Guide
Vacancy rates, property tax system, operating expense benchmarks, and market-specific CAM billing considerations for Indianapolis, IN commercial landlords.
Current Vacancy Rates
Source: CBRE/JLL Q4 2025 Market Reports
Average CAM per Square Foot
Property Tax System
Marion County Assessor
File Form 130 petition with county Property Tax Assessment Board of Appeals (PTABOA) within 45 days of Form 11 notice. Can appeal to Indiana Board of Tax Review, then Tax Court.
~1.5-2.5% effective rate (circuit breakers cap tax bills at percentages of gross assessed value)
Key Submarkets
CAM Billing Considerations
- Indiana circuit breaker caps (3% of assessed value for commercial) limit tax liability
- Life sciences corridor (Lilly, Roche) drives specialized lab space demand
- Massive logistics/distribution hub — Indianapolis is top US industrial market per capita
- Trending-based reassessment model can lag market significantly
- County assessor consolidation has created uneven assessment quality
BOMA Indianapolis
Market Context
Indiana's property tax circuit breaker caps at 3% of assessed value for commercial properties provide a hard ceiling on tax pass-throughs, creating unique CAM reconciliation dynamics not found in uncapped states.
Related Resources
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