Many Hoosiers are getting their property tax assessments and are not liking what they are seeing.
On average, property taxes across Indiana are up significantly compared to previous tax rates. Experts say it’s due to the wild housing market that is showing no signs of slowing down.
“We’ve seen this year alone a low amount of inventory on the market, which seems to be driving the sales price up,” said Marion County assessor Joe O’Connor on WISH-TV. “Obviously we have certain areas that are urban renewal or gentrification.”
Michael McMann lives in Fishers where he says his property tax assessment is up by 20-percent compared to his previous rate. That’s around a $60,000 bump for McMann who is a disabled veteran on a fixed income.
“The feeling was shock, but also assumed this was going to happen because of the crazy market,” McMann said. “We have a second income with my wife. It’s not going to cause us to lose our house or change the way we eat, things like that.”
Home valuations in Marion County jumped by about 8-percent over the last year. O’Connor said this year’s property tax bill is for a home’s assessed value on Jan. 1, 2021, so it reflects market activity during 2020. He said to expect similar spikes in home valuations in 2023 for the same reason.