Loading ...I Hate to Be The One to Tell You
There’s nothing worse than starting out the week with bad news, but here it is. All my early analysis of the property tax mess in Indiana is telling me not much is going to change after the reassessment.
At best, there may a 5-10 percent drop in your bill if you’re lucky. So if you got a 70 percent increase, you’ll get 10 percent off. Part of the reason is that most commercial and industrial property hasn’t gone up in value and government spending has.
I could be wrong, and I hope I am, but this is what the data is looking like. I was at the anti-tax rally in Broadripple yesterday where they symbolically dumped tea into the canal.
Once they get this news, they’ll probably go grab some politicians.
July 29th, 2007 at 10:14 am
Commercial and Industrial didn’t go up at the same rate that residential did. IMAGINE THAT!
Abdul, I think it’s closer to 3% or 4%.
July 29th, 2007 at 11:01 am
I believe Adul us reading the tea leaves correctly.
Case in point, look at the areas around Washington Square and especially Lafayette Square. The marketabilty of parcels in these areas in nil at best. Declining areas without much of a future from a business standpoint.
On the other hand, the property within the Mile Square has gone thru the roof. Unfortunately, many downtown commercial properties are on abatements or tifs.
There will be little if any changes to your home’s property taxes. The worst thing is that we have to wait about 9 months or more to find out.
Most homeowners in Marion County I have spoken with have absolutely no problem with and increased sales tax to replace the property tax or some combination of the two. They do have serious problems with a COIT increase.
Hard to move out of Marion County right now due to the numbers of homes already on the market. If you live in Marion County who’s going to buy your house given the current tax situation and glut of homes already on the market.
July 29th, 2007 at 6:47 pm
Yes, taxes will not go down…much. In fact, they may go up as a result of greater than expected declines in commercial/industrial property values.
I live in Washington Township and fully expect mine to go up even after the re-reassessment.
AND what way do you think values have gone the past month?!?!?