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Post by 36fan on Mar 29, 2023 20:44:34 GMT -5
Realtor here, I deal with this a lot. In my opinion this is why we are seeing issues. In many counties (can't speak for all) assessment values were much much lower than actual home values. The dramatic increase in property values over the last few years caused the assessed values to grow just as fast. We were spoiled for a very long time. FYI you can contest the assessed value if you feel it's wrong. We have a friend that tried that. By the time he was done, it was way more time and money spent than it was worth. I realize this is the formula that has been in place for years. I’m just getting sick of the increases. I've got mine reduced before. I had recently refinanced and the actual assessment was lower than the county's assessment. All I did was submit the appeal and copy of the assessment. A couple of years ago I helped my Mom appeal her assessment of her back 5 acres. They changed the assessment from agricultural to residential. We still run a few cows on a little bit of it, but most of it is across a creek and not very accessible. I planned ~1,000 trees on it a few years ago and told them it was agricultural for the timber. The assessment was reduced to close to what Mom wanted.
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Post by marshallco on Mar 29, 2023 21:43:12 GMT -5
Ours went up 21%, and I appealed it. We ended up cutting it to a 12% increase through the appeals process, so that helped some. IIRC, you must initiate the appeal process soon after you get the new assessed value notification, which I think is in the summer months. More people should do this, it was worth the time/effort, and only costs your time.
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Post by marshallco on Mar 29, 2023 21:44:18 GMT -5
Ours went up 21%, and I appealed it. We ended up cutting it to a 12% increase through the appeals process, so that helped some. IIRC, you must initiate the appeal process soon after you get the new assessed value notification, which I think is in the summer months. More people should do this, it was worth the time/effort, and only costs your time.
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Post by Mean Gene on Mar 29, 2023 22:09:38 GMT -5
Realtor here, I deal with this a lot. In my opinion this is why we are seeing issues. In many counties (can't speak for all) assessment values were much much lower than actual home values. The dramatic increase in property values over the last few years caused the assessed values to grow just as fast. We were spoiled for a very long time. FYI you can contest the assessed value if you feel it's wrong. We have a friend that tried that. By the time he was done, it was way more time and money spent than it was worth. I realize this is the formula that has been in place for years. I’m just getting sick of the increases. So, if a house is assessed at 250k, and then sells at 400k, off what number do they base the takes?
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Post by HighCotton on Mar 30, 2023 6:00:29 GMT -5
We have a friend that tried that. By the time he was done, it was way more time and money spent than it was worth. I realize this is the formula that has been in place for years. I’m just getting sick of the increases. So, if a house is assessed at 250k, and then sells at 400k, off what number do they base the takes? The taxes are still on the assessed value. But I am learning that there are other factors involved. Indiana property taxes are paid in arrears. Typically in 2 installments or bills, May 10 and November 10.
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Post by Sasquatch on Mar 30, 2023 6:35:45 GMT -5
Ours went up quite a bit last year.
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Post by greghopper on Mar 30, 2023 7:05:12 GMT -5
The property tax cap is calculated separately for each class of property owned by the taxpayer Property tax cap(1%,2% or 3% depending upon combination of property types)
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Post by treetop on Mar 30, 2023 7:22:12 GMT -5
What’s really criminal to me anyway why don’t we all pay the same amount
Can anyone name one thing a guy living in a 700,000 home get that a guy living in a 200,000 doesn’t
The kids go to the same school that’s a big chunk of it same cops roads services you name it no difference at all
With that logic they guy pulling up for gas in a 80,000 SUV should be paying more gas tax than the guy in a compact car.
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Post by greghopper on Mar 30, 2023 7:29:18 GMT -5
What’s really criminal to me anyway why don’t we all pay the same amount Can anyone name one thing a guy living in a 700,000 home get that a guy living in a 200,000 doesn’t The kids go to the same school that’s a big chunk of it same cops roads services you name it no difference at all With that logic they guy pulling up for gas in a 80,000 SUV should be paying more gas tax than the guy in a compact car. More sqft in the house is one thing that comes to mind
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Post by Mack Apiary Bees on Mar 30, 2023 7:33:42 GMT -5
Someday, there will be few home owners and the rest renters. Owners complain about taxes and renters don't pay taxes and live off the government. Then it all implodes.
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Post by Huntnfreak on Mar 30, 2023 7:34:58 GMT -5
What’s really criminal to me anyway why don’t we all pay the same amount Can anyone name one thing a guy living in a 700,000 home get that a guy living in a 200,000 doesn’t The kids go to the same school that’s a big chunk of it same cops roads services you name it no difference at all With that logic they guy pulling up for gas in a 80,000 SUV should be paying more gas tax than the guy in a compact car. I disagree with this. A guy living on a 1/4 acre lot in town should not be paying the same amount as someone that owns 500 acres. A guy filling up an SUV vs a compact car isn’t really the same thing because whatever fuel is leftover that the compact car doesn’t use will be sold to the next customer. The extra land a guy owns vs a guy with a small lot isn’t going to have taxes paid on it by someone else that doesn’t own it….therefore reducing the amount of money the county/city will receive.
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Post by greghopper on Mar 30, 2023 7:40:02 GMT -5
Someday, there will be few home owners and the rest renters. Owners complain about taxes and renters don't pay taxes and live off the government. Then it all implodes. So you don’t believe the rent won’t increase if taxes go up? There is value in owning vs renting….
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Post by featherduster on Mar 30, 2023 7:50:23 GMT -5
Those of you who own more than 15 acres of undeveloped land in Indiana should look into the Protected Habitat Programs the state offers. If you qualify the land placed into the program becomes tax free each year. There are some stipulations but if it's just your hunting ground it's a great way to save money.
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Post by Mack Apiary Bees on Mar 30, 2023 8:37:51 GMT -5
Those of you who own more than 15 acres of undeveloped land in Indiana should look into the Protected Habitat Programs the state offers. If you qualify the land placed into the program becomes tax free each year. There are some stipulations but if it's just your hunting ground it's a great way to save money. My brother did that for years, but just stopped. The lady started telling him that he needs to do this and that to the land. He already added two lakes, two swamps and he cuts about 40 acre field every spring for wild flowers. This is what happens with government and stipulations. They take and take and take.
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Post by treetop on Mar 30, 2023 9:12:27 GMT -5
What’s really criminal to me anyway why don’t we all pay the same amount Can anyone name one thing a guy living in a 700,000 home get that a guy living in a 200,000 doesn’t The kids go to the same school that’s a big chunk of it same cops roads services you name it no difference at all With that logic they guy pulling up for gas in a 80,000 SUV should be paying more gas tax than the guy in a compact car. I disagree with this. A guy living on a 1/4 acre lot in town should not be paying the same amount as someone that owns 500 acres. A guy filling up an SUV vs a compact car isn’t really the same thing because whatever fuel is leftover that the compact car doesn’t use will be sold to the next customer. The extra land a guy owns vs a guy with a small lot isn’t going to have taxes paid on it by someone else that doesn’t own it….therefore reducing the amount of money the county/city will receive. Farm ground is taxed at a very low rate it’s a few bucks per acre and everyone that would pay more is using the farm ground be it food forestry not just the owner and he’s paying income taxes on that ground when he sells his products I disagree with with your thinking on gas mileage Property Tax’s as of now are based on value not usage I didn’t have kids yet I’m paying taxes for schools using your formula I should not pay at all someone else with kids should bear the cost of it Just my opinion but value of your property has nothing to do with the services you receive like I said same school same roads dial 911 same cops same fire trucks
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Post by steiny on Mar 30, 2023 10:00:09 GMT -5
The schools get about 60-70% of your property taxes regardless of where you live. It's long past time to shut off the unending supply of money to the schools and tighten their budgets.
Our town used to graduate 400 kids per year out of a HS that occupied a city block. The population of community is lower now and they only graduate about 250 per year but occupy about 90 acres with massive athletic facilities, four times the number of paid staff, majority get free meals, etc., etc., etc.
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Post by treetop on Mar 30, 2023 11:08:30 GMT -5
The schools get about 60-70% of your property taxes regardless of where you live. It's long past time to shut off the unending supply of money to the schools and tighten their budgets. Our town used to graduate 400 kids per year out of a HS that occupied a city block. The population of community is lower now and they only graduate about 250 per year but occupy about 90 acres with massive athletic facilities, four times the number of paid staff, majority get free meals, etc., etc., etc. My brothers wife works for the school were we live she’s some kind of manger for the lunch/ kitchen program they feed the kids year round the only requirement is you have to be under a certain age not sure but I know the high school kids can go So I could be a millionaire and my kid could still get a free lunch And speaking of athletic facilities I believe they just dropped about a million on the football field and stands I’m not heartless needy people need help it could be me in those shoes but the amount of money our government takes in and does who knows what with is ridiculous And on top of all that we have the lottery I know a good share goes to retirement but after 30 years of collecting millions and millions when is it going to be enough plus they only give away 50 percent so if the pots 5 million they already collected 10 than they tax the crap out of the guy who wins
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Post by Deleted on Mar 30, 2023 17:09:42 GMT -5
Realtor here, I deal with this a lot. In my opinion this is why we are seeing issues. In many counties (can't speak for all) assessment values were much much lower than actual home values. The dramatic increase in property values over the last few years caused the assessed values to grow just as fast. We were spoiled for a very long time. FYI you can contest the assessed value if you feel it's wrong. We have a friend that tried that. By the time he was done, it was way more time and money spent than it was worth. I realize this is the formula that has been in place for years. I’m just getting sick of the increases. Yeah sometimes it works and sometimes it doesn't, a lot depends on the appeals committee.
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Post by greghopper on Mar 30, 2023 18:27:38 GMT -5
We have a friend that tried that. By the time he was done, it was way more time and money spent than it was worth. I realize this is the formula that has been in place for years. I’m just getting sick of the increases. Yeah sometimes it works and sometimes it doesn't, a lot depends on the appeals committee. Yeah if you’re going to appeal it you’re going to need a legal appraisal and that usually goes by what Houses in the area have sold for in the last few years.
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Post by Deleted on Mar 30, 2023 20:23:14 GMT -5
Yeah sometimes it works and sometimes it doesn't, a lot depends on the appeals committee. Yeah if you’re going to appeal it you’re going to need a legal appraisal and that usually goes by what Houses in the area have sold for in the last few years. Don't need an appraisal, a Broker Price Opinion usually suffices. I do some for clients every year.
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