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I pay a much larger tax bill now because of an inflated assessment. The assessment only gets me a larger bill, nothing more.
Until you go to sell your property. If your assessed value and appraised value are too far out of whack, then it can start to spell trouble for some financing companies.
Mark W., assessed value is determine by a government process for tax purposes. It is not used in calculating appraised value. Fair market value, which is used to determine the listing price, is based on the likely price offered by a willing buyer in a free and open market with no incentives or inducements. Prior to closing, the buyer’s lender will have the property appraised by comparing it to recent sales of nearby homes of similar size and condition. In rising markets, appraised prices go up. In declining markets, appraised prices go down. Interestingly, assessed values are based on recent sale prices as well. So assessments do go up when people pay more for their homes. And they go down when people pay less. Bottom line: the market first dictates sale prices, which in turn then influence assessed values. A classic case of cause-and-effect.
Under Indiana Supreme Court decisions, assessed value is supposed to represent fair market value even in the absence of a sale, Brent. That’s why AV’s have risen dramatically in many places since 2020.
Chris B., even though your home hasn’t sold there are likely other homes not far from you that are similar in size, condition, and amenities and have sold. They are called “comps” (comparable properties), and provide the assumed market value of your home. What distorts the actual “fair market value” in assessments is the tax cap law. You can see how much of a distortion it is by looking at tax record for a house that sold two years ago for X price, but is assessed for tax prices at significantly lower valuations. This is true for homes as well as commercial properties. The tax cap law is responsible for under-funding our schools, police and fire departments, street maintenance, and more.
Tax revenues – the opoids for politicians and related bureaucratic classes…
Yes, how dare we let voters make the choice to pay more in taxes because they’d like better government services! We should continue to let our legislators from parts of Indiana that are dying off … drive policy for the portions of Indiana that are growing and attracting others.
Maybe a lot of legislators push policies like this because they are jealous they live in dying parts of Indiana. Or maybe they just don’t think there’s a future for Indiana worth investing in.
JOE B…WHAT?? as usual you make no sense.
Voters in some parts of Indiana are smart enough to realize investing in schools makes sense.
Look at Carmel or Center Grove or Avon or any number of suburban schools, where the residents of Indiana are relocating to.
Legislators want to put a stop to voters making this choice. As usual, this makes no sense, in part because these legislators represent the parts of Indiana that aren’t seeing population growth.
Dustin, this isn’t difficult. Legislators began demanding that school bond issues go to the referendum ballot. Now they’re unhappy when school district voters approve levies.
We can’t let Republicans dictate property tax policy any more. That one-sided avenue has led to whiplash among local governmental units. No long-term thinking—just immediate demands for ‘tax relief.” It’s a complicated issue that demands serious answers. Thompson’s bill isn’t a serious answer. It’s knee-jerk.
Just because someone is told their house is worth more doesn’t mean that person has more money as a result. As such, this “windfall of money” doesn’t really exist – It’s simply the government forcing more taxes onto homeowners.
It’s not surprising to be hearing of an increase in older people having to move because they can no longer afford to live in their homes because of the increase property tax bills. People who have lived in their homes for years are having to move because the politicians see a windfall.
Brad J., home ownership is a privilege, not a right.
I know of many people who inherited their homes from their parents or grandparents. And I know many older, retired people who are living in the same homes since the 1970s. In both cases, because they don’t have a mortgage, they are not required to have homeowner insurance on the property, so they don’t have that expense. So the only real cost of home ownership for them is the property tax.
I find it hard to believe that there is a significant number of people who can no longer afford to live in their homes because of the increase property tax bills. If so, they can sell and move into a rental apartment for maintenance-free living. There is no shame in renting.
Education is paramount. It has to be, or should be.
What happens when we experience another 2008. Will we reverse it. Use a bases that won’t be impacted by housing like today’s affordability. I admit I don’t have the answer. However I think if education has a priority, maybe the funds should come from a higher level.
The purchase of a home is, for the vast majority of people, the largest expenditure they will ever make. Unfortunately, they view it as an expenditure rather than what it really is, an investment.
Owning your own home is the best path to building wealth. That occurs when improvements are made to the property (enlarging it and/or renovating it). It also occurs when neighboring properties increase in value. Yes, it bumps up the tax bill. But over time it’s a small price to pay for the pay-off at the end when the hometown sells the property, cashing out to pay for assisted living, nursing care, or sharing with your family or a charitable organization with some of the fortune that you can’t take with you.
Complaining about property taxes truly is looking at a gift horse in the mouth.
As was stated previously, seniors are really hurting with these increases in taxes. Inflation is a very thorny issue and for people on fixed incomes, it is very problematic. I think seniors over age 70 should have their property taxes capped at a reasonable amount. What good does it do to live frugally all of your life and pay off debt including your house, and then homeowners insurance and property taxes soar and make your long-held home unaffordable? That is not right.
You make a good case for legislators figuring out other ways to fund local government without reliance on property taxes, which they have done in the past but are reluctant to do again.
I found this to be a good commentary on the issue.
https://indianacapitalchronicle.com/2024/02/09/hoosiers-want-property-tax-relief-but-that-is-the-hardest-for-lawmakers-to-give/
School financing is always a big scam…..So if local financing for developments. Public Schools need to be educating a workforce not only sending people to college. Not everyone should go to college.
The metrics of a successful school need to be different. Western Boone Schools should not be evaluated the same way as IPS or Anderson School Districts. Measuring a successful school generally starts with the family unit and structure, not in the classroom. We have made the public school systems a replacement for 2 parent families is the reason Carmel, Center Grove, and HSE are far mor successful than Pike Township and IPS. Throwing more money at schools doesn’t get better results , families do.
We don’t throw money at families either. If we did, we’d prioritize the ability for households to make it on the salary of one wage earner, which is increasingly a pipe dream.