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Hey… You know that state law only caps the maximum about of tax collected. If a county is on track to collect more taxes then it needs, it could lower the tax rate below the cap. I don’t think it is going to take state lawmakers to do that. That is, unless counties get greedy.
For three years in a row I challenged the assessed value on my home. I was successful in all three cases. So, if I hadn’t challenged the assessment I would be paying higher taxes on a wrongly assessed valuation. I believe the state counts on citizens NOT challenging the assessments and reaps a windfall in assessed taxes as a result. It is a scam on a statewide scale.
Looking back 10-15 years is not “historical data” – that doesn’t even capture one of our major downturns and doesn’t even start analyzing data from when we fully transitioned to a market-based assessment.
In Marion County property assessments are woefully below the legally required “fair market value.” Need proof? Just look up the tax assessment for a property that sold a year or two ago and compare the sold price to its current assessed value. The sold price is the most honest “fair market value” there is, established by a willing seller and a willing buyer. Yet the assessments are never anywhere near that benchmark. As a result, we have less revenue than we should have to make out city a better place to live.
Never enough taxes, eh?