Why Hoosier homeowners’ property taxes have gone up so much

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(Photo supplied/Pixabay https://pixabay.com/photos/money-home-coin-investment-2724235/)
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 can 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.

3 COMMENTS

  1. Something approaching 50% of the currency in circulation was created out of thin air over the last 3 years. This makes each dollar worth less.

    The value of the properties (and thus the tax) didn’t actually increase, even though the numbers got bigger. Welcome to inflation by way of currency devaluation, courtesy of Democrat economic policies.

    • They have already accomplished exactly what they intended. They devalue the currency by creating fiat dollars out of thin air, then raise interest rates to funnel that money into the pockets of bankers (the proper course would be pay off the loan that created the dollars). Then after the economy tanks and interest rates plummet, they buy failed assets for pennies on the dollar with low interest loans and start the process all over again. It’s an old scam, but it still works quite well.

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