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Indiana state law requires that property valuations be based on “fair market value,” which is determined by the actual sale prices agreed to by willing buyers of nearby properties that are similar in size and quality. It is, and ought to be, a straight forward method of assessing a property’s true value.
The state’s property tax caps protects the homeowner by limiting the actual amount of tax that are paid be property owners. Regardless, property ownership has traditionally been the #1 wealth creator in America, something that Hoosiers seem not to understand or appreciate.
You know that once the value of the property is determined, the tax rate is set by the local taxing authority, usually elected officials. If local municipalities had not been starved by the state mandated property tax caps, then when this 20% increase in property values generated a windfall property tax, the obvious thing would have been for the local taxing authority to drop the tax rate to something below the state mandated cap.
I guess the obvious solution for some state lawmakers to fix the problems caused by state meddling is by more state meddling?
Maybe the first fix would not to put something like property tax caps in the state constitution.
94 to 1 vote on a proposal in the House and no vote in the Senate. This is a perfect example of politics at its worst.
Being taxed on a gain I have not realized and might not realize for years is an unfair system. It won’t be long before I am forced to sell because I can’t afford the taxes. The only way I realize the value I’m being taxed on is to sell my home. Crazy!
Being taxed on a gain I have not realized and might not realize for years is an unfair system. It won’t be long before I am forced to sell because I can’t afford the taxes. The only way I realize the value I’m being taxed on is to sell my home.
Being taxed on a gain I have not realized and might not realize for years is an unfair system. The only way I realize the value I’m being taxed on is to sell my home.
for starters – start taxing hospital systems – why do they get a break?
secondly – why should some one who lives in a $1,000,000 home pay twice as much as a person in a $500,000 home?
are they not getting the same services?? bottom line is govt is out of control. I never hear about them cutting costs and when you do it is teacher’s salaries to make everyone feel bad for asking for accountability. the bait and switch mitch daniels pulled with the sales tax increase was brilliant – state has a huge surplus – why are taxes going up at all???
our govt is terrible.
The folks in the statehouse knew about this property tax increase issue over a year ago and have sat on their hands. DeLaney and all the others–both sides–have been spineless and have done nothing. DeLaney acts as though this is a new revelation. Laughable. As other stated, we should not be penalized because someone down the street sold their house. The property tax cap done around 2008 feel short of actually solving this problem. Does this surprise anyone. I’m guessing the solution will be to send us another tax rebate for $100 and then act like they did something meaningful. No leadership. No courage. No concerns. And a gov who hasn’t had an original thought about any of this. This isn’t your father’s Indiana…
One side isn’t required for the Legislature to conduct business.
The supermajority is more worried about getting primaried, hence worrying about abortion and LGTBQ laws … while making sure their big donors like the alcohol industry get value for their contributions… than the needs of everyday Hoosiers.
Did they fix roads? Improve educational outcomes? Work to improve healthcare in a “pro-life state” in which the safest outcome for a pregnant woman is to get an abortion? Nope, nope, and nope.
Our government is underfunded. We are choosing not to invest in the future. Maybe as well be a government based on nihilism.