INDIANAPOLIS, Ind. (NETWORK INDIANA): If you own a home in Indiana then you have likely noticed that your property taxes have gone way up.
By how much varies on where you live and the local economic situation, but according to a study by the Association of Indiana Counties, Hoosiers are paying about 16-percent more in property taxes on average. Farmers are also paying about 16-percent more.
“Indiana’s assessment system is based on bare market value,” said David Botorff with the AIC. “That’s the job of the assessor to assign that value to the property and they use sales closure information, construction costs, and other economic factors to determine the value of a property.”
The last round of property assessments was based on statistics from 2021. Botorff said due to low interest rates, in some cases as low as 2-percent, home prices went up that year. They likely went up even further too due to bidding wars, he says.
“There are many factors that contribute to the increase of residential values,” Botorff said. “Low interest rates and high demand for houses. Everyone cna remember stories of properties going on the market and in just a few hours there was a bidding war.”
The most significant increases in property taxes were in Fountain, Hancock, Morgan, and Warrick Counties with those counties averaging increases of around 20-percent or more. Benton County is the only county in Indiana that had an average 0-percent increase due to tax ordinances there regarding windmills.
Governor Holcomb said last week that they plan to begin discussions on property taxes at the statehouse.
6 comments
The greedy assessors raised the rates just as the market is about to crash. Smooth move. The current system was supposed to be based on market value. Until my house or property sells, no one knows what the market price or worth is. Yep they can take the recent sales in one’s neighborhood but still no one knows the worth of my property until it sells. All other assessments are mere estimates. In ten years my assessment has DOUBLED or a little more. I’m on a fixed income so this is devastating to me. My government rent is fast becoming unbearable. There is little comfort to know that everyone around the state is caught in the same trap. Now we know where Dopey Prince Eric the Chinless Wonder of Hoosierville thinks the money is coming from for his $200 Million dollar+ increase in the health department budget. Assessors are elected by The People. Time to oust the bums out!!
I am 65 and a Widow , put in high tax bracket because no exceptions. Husband was 8 years my senior and after he passed I am penalized. less income no husband and more responsibility?
You got that right this is hurting senior citizens to where they wonder if they can keep a roof over their head you only have so much money on a fixed income what are you up medicine food also you can die in the house that you raised your family and last saw your husband before he passed these profiteers need to be stopped it is turned into exactly what was predicted the have and the have Nots
Yes please discuss it and do something to change it, at least for Seniors. Most are trying to just be able to keep their homes and afford them on their Social Security alone and there’s no break for them on anything! Mortgage Payments, Gas Bills, Electric Bills, City Utilities, and then trying to afford to eat, its getting a little ridiculous to just Live anymore.
The so-called elites don’t care about Seniors. Their concern is only about keeping those coffers filled with money. RINO Holcomb is only giving lip service. He won’t do a darn thing to stop this. Cost of Living going through the roof. Cost of maintaining our homes is skyrocketing as well. Even if we Seniors voted as one, who would we vote for to reverse this travesty? Both parties want to keep the size of the Government as is (or bigger). Doesn’t leave much choice. So much for the Golden Years.
We need to get rid of Property Taxes all together just like Florida and Texas.
We spend all our life paying for a home all to be at risk of having it taken away if we can’t pay the Taxes for any reason.
The American people were never meant to be taxed this heavily, and I’m pretty sure that The Government’s ability to take away your home if you don’t pay taxes is UNCONSTITUIONAL. It is the ONLY asset us private citizens own that can be taken away Via Taxes.
Governments need to find some other way of getting by. Try this, SPEND LESS. Especially in a State where Revenues keep increasing. Try bettering your citizens’ lives for a Change. Think how much more people and businesses will want to move to Indiana if there are no property taxes.