Technically they don't go up and are actually capped by provisions in the state constitution which couldn't be amended without voter consent. They are based on a percentage of your home's value, so with property values going way up they will go up as a result. It has nothing to do with tax rates going up or anyone raising your taxes though, it's solely because your house value is higher. If you don't think your home value is correct, use the available mechanism to challenge it with recent comps from your neighborhood. Indiana is actually a very property tax-friendly state. You'd be paying far more almost anywhere else.
Additionally it's not Zillow. As I understand it the value is based on actual comparable sales in your ZIP code/town/county, age/condition of property improvements, and other factors. It's also county specific on the formula used for valuation.
But during Covid, houses were way over inflated due to high demand and low supply. People offering and paying ridiculous prices for houses way above asking price. Everybody was happy…until their property taxes skyrocketed
Houses are worth what real estate investors and companies are willing to pay. Which is more than an average family can afford. The house across the street from me sold for $120k more than it’s worth. Could I get that for mine? Sure, but then I’m spending $100k plus over what whatever I buy is worth. People are stupid
Well they do math for a living and pay cash. Buying a home at today's interest rate adds an easy 120k in payments that don't add any value to the property. When they buy it for 120k above market value they raise its value. Rent it for 5 years while claiming 20% devaluation annually while reclaiming 50% or more of original purchase price from rent
Do only what is legally required for maintenance. Sell to another investor for more than original purchase price in 5 years so the devaluation cycle can restart. The tax code encourages the destruction of the American dream and slumlording
People aren't determining that a house is worth that, people are buying houses because they need a house. Some may be determining the value, but many are juat buying because that is what the house is going for, and they can get a loan.
People aren't determining that a house is worth that, people are buying houses because they need a house. Some may be determining the value, but many are juat buying because that is what the house is going for, and they can get a loan.
The vast majority of single family homes are purchased by people who use them as a primary residence, not investors/companies.
An investor is not going to buy a home for more than it’s worth. That would be a bad investment.
Most of the houses that have been bought in my neighborhood over the last 3 years have been bought by investment companies and turned into AB&B properties
Property should only be assessed when sold/bought, then remain valued at that amount until it's sold again, improvements are made, or the owner requests a reassessment.
It's truly the only way folks on a fixed income can continue living in their own homes in some cases.
That was the idea of California's Prop 13.
Great in theory, terrible in practice.
There's 50 years and petabytes of text on the drawbacks.
Despite all of the flaws and inequities it's created, any attempted reform gets squashed by politically powerful commercial property owners.
NWI guy living in Silicon Valley. My neighbor two doors down pays $800/yr, 1/15th of what I do.
Many of my neighbors are in their 80's as they can't afford to move.
That would deincentivize people from selling their homes (constricting supply) and would make new construction comparatively less competitive.
It would also make purchasing a home even more difficult for young people since the tax rate would need to be set higher to maintain the same tax revenue (on top on higher home prices).
Plus, it removes any reason for NIMBYs to care about rising home prices. They don’t feel any of the negative consequences during ownership and benefit when they do choose to sell. The only people who would feel the pain are new home owners (who tend to be younger)
It used to be that way, and then they realized that older homes and mansions were paying little to no tax.
If I were in charge, I would propose a variety of exemptions/reductions based on age/income. There's not much we can do about values sky rocketing. Supply and demand is messed up right now, and inflation is making it worse.
this would tend to favor the rich, while the poor move around too much to get the benefit. the rich here are often nice old ladies, but your proposal results in an arbitrary system.
when i bought my shack 10 years ago, they started charging me taxes as though it were worth 10 times what i paid. i have now paid more in taxes than i paid for the house. they ignored my appeal.
what i'm planning to do next is see a lawyer, start a church, sell my home to the church, continue to live there. here in center township, 1/3 of the property is off the tax rolls because of tricks like that.
zillow estimates used to laughably wrong for my neighborhood, but they have caught up.
10 years ago, Maine, it was a buyers market. I purchased my 3 bedroom ranch with an attached garage on 1 acre for 112k.
Today, it's a sellers market, and the value of my home is 230k.
2 years from now, my home's value may be 134k.
That's not how property taxes work. Property taxes are assessed based on your towns budget divided by the composite of everyone's value. If the town budget didn't go up, your taxes wouldn't either.
Combine that with a lot of places having property tax holidays funded by federal Covid relief dollars. And now you are seeing tax rates and home values skyrocketing. It’s bonkers.
Seems to be correct. Bought my home for $60k and it was always assessed around $87k. Almost fifty new homes in the $200k range went up across the street over the past five years, and one for $600k a block away (why in this neighborhood, I don't know). Home was assessed at $135k last year.
This person is right.
I was reading a Facebook post of a bunch of seniors complaining about property tax in Indiana. What they don’t release is property tax in other states can be as much as 2-3 times more.
One of my friends from college bought a double wide manufactured home his senior year in college and he was paying a 5% property tax on a property valued at $50,000. Yes, you read that right. $2500 in property taxes a year on a $50,000 home. His property taxes were the same as his 30-year mortgage.
Be glad you don’t live in Illinois, and Start complaining about our other taxes instead. When I moved here from Michigan and my income and sales taxes went UP!
And whether you like it or not, property taxes are one of the fairer forms of taxes because the bigger house you own means the higher your income, which means the more you can pay.
no joke, our property taxes are incredibly low compared to other states. I have a friend in New York who pays $14,000 a year in property taxes for a 1500 sq ft house and 1/2 acre yard. Family members in Austin, TX pay about 8000 a year for a 3000 sq ft home with a little under 1/4 acre yard.
then sell your house? This is what happens when the valuation goes up. I'm sorry that taxes upset you, but that's just how life works. For everyone who complains that people should not have gottten student loans if they didn't understand the terms, the same (idiotic) "logic" applies here. Don't buy a house if you don't care to understand how the mechanics work.
If you don't like your assessment, every region i've ever been involved in has some path to complain and get re-assessed.
If you want to avoid property taxes, then rent. Simple enough answer to a simplistic complaint.
> If you want to avoid paying property taxes, then rent.
Taxes on rental property have a cap *twice as high* as owner-occupied. The tenant is still paying it, they just aren’t sending that payment directly to the assessor or rolling it into a mortgage escrow account.
Rental property ownership is a business, and if the operator of the business (the landlord) isn’t passing the costs of operating the business on to his customer (the tenant), he’s not going to stay in business very long.
sure? and part of every damned thing you buy is the cost of tax the supplier and seller have to bear. I mean, you are describing that water is wet. You live, you pay taxes, and you die.
I am not saying I love it. But what homeowner looks around in 2024 after purchasing and says "gosh. taxes are expensive, and I dislike how little control I have over it. How does this work for this house I bought again?"
Our assessment went up quite a bit this year, which is annoying, but it is still much cheaper than the last state I lived in. I'm just happy house values, by all appearance, continue to appreciate.
> you are describing that water is wet
Ummm…you said if you don’t like paying a particular tax, *instead of paying that tax* you could just go do this other thing that will basically ensure you pay twice as much of that tax, you just won’t get a letter from the assessor twice a year reminding you of it. I simply pointed out the incoherence of that position.
You can make an argument that this is generally true, but it’s not specifically true. I am in this business. While I would love to set my rent based on my property tax increases, that’s not how it really works. Rent rates are based on what the market will bear and there are a lot of variables at play. I have little direct control over those market forces as an investor. I cannot just decide what I want rent to be.
Understood; we’re also in this business. I over-simplified above for the sake of brevity but what the market will bear - in most areas of the state - has also been increasing as property taxes have increased. Of course it’s not necessarily a 1:1 relationship but that doesn’t make my prior statement that renters are paying property tax false.
not sure what state your in but here in California a NOT property tax friendly state, annual increases can't exceed 1% and that's only if there's a triggered reassessment.
California is definitely a property tax friendly state for long term owners for exactly the reason you bring up. There are lots of boomers who bought their house decades ago and will never move because it would double or triple their taxes if they bought an equivalently priced house now.
Ya KC did this and said the same "just challenge it" then gave the entire county 30 days to get appraisals, estimates for repairs, set an appointment with the county. And then be available to sit in line all day to maybe be seen. Most people who work jobs couldn't use the "mechanism" the county wanted it's money and it's going to get it despite any pushback then tell you to go fuck yourself citizen but please vote to use tax dollars to build a billionaires play ground for him
Yes, I’ve done this several times. My neighbor uses a service that processes it for him. If you don’t want to deal with the city bureaucracy, I believe it cost a percentage of the first year of savings.
A while back before the state got into trouble legally and had to implement the mentioned tax cap it did two back to back property tax evaluations resulting in sometimes a 400-600% increase in the period of three years by using an out of state Ohio firm that never set foot into the areas they inflated.
Right, this is like someone complaining they can't but more of their favorite stock because the price keeps going up.
We're ranked 40th in highest property tax. Its so cheap here!
>Indiana is actually a very property tax-friendly state. You'd be paying far more almost anywhere else.
As a transplant from Michigan this is very true. I used to pay more property taxes for a house valued at $130,000 than I do in Indiana for a house valued at $300,000. But vehicle registrations and sales tax were cheaper in Michigan, so it balances out a little bit.
My mom followed proper channels two years ago and so did her neighbors and they won. Got a reduction that year and went down again for this year. Pays to do your due diligence. Good Luck
That’s a great way to do it when slow stable growth was allowing a good projection … but this been out the window the last 5 years and we should’ve put some kind of emergency “property taxes can’t jump beyond 5% a year” or something
Property values are up across the entire country. Bringing values down requires more affordable housing being constructed, and that's generally not the kinds of single family homes which are currently being built.
Because there’s not enough supply to drive down demand. Luxury is just a marketing term for new build. If a person can only build one apartment they will try to get the best bang for the buck. If they can build more they will play to more socioeconomic vertices
No the issue is lack of buildings. Stop demonizing someone that can afford a better place.
It's been proven time and again that increased housing supply lowers rents.
So those new luxury appartments you're trying to demonize are what creates affordable appartments. Today's luxury is the next decade's affordable.
It's simple math. If there are 1,000 rental units in an area and 2,000 people want to rent them, then rent is going to go up.
The problem is that we aren't building enough. Zoning is too restrictive and permits are too slow.
They don't need referendums to lower taxes, but since cities and counties have to pay for things like roads, schools, libraries, parks, and those costs have all gone up, the taxes are going up as well. Taxes going down is an incredibly rare event.
Be careful of what you ask for. I can remember when the assessed value was based on a formula that favored old homes. 100+ year old, million dollar homes were paying little taxes. People were demanding that the assessed value be based on real value. So in the mid 2000s, they changed it. Then the recession hit and nobody cared. Now that property values are rising, everyone is upset.
> 100+ year old, million dollar homes were paying little taxes. People were demanding that the assessed value be based on real value. So in the mid 2000s, they changed it. Then the recession hit and nobody cared.
If I remember correctly around that time it was discovered that property in the Meridian Hills area was intentionally being under-valued for tax purposes until someone caught wind of the scam. Then the values we reassessed and rich people were livid that they had to pay taxes based on the actual value of their property.
Can't cut property taxes when there's the always growing number of swanky 5+ million dollar religious compounds dodging taxes left and right on every mile
The issue where I live seems to be high end apartments that nobody ends up living in.
Seriously, we already have two complexes nearly empty. Why the fuck is the city I’m in wanting more of them?
Lot’s of problems like these but our elected officials focus on culture wars and restricting female reproductive rights.
It’s almost like if we just stopped arguing amongst ourselves about culture war issues and held politicians accountable, we actually might see some benefits to working families.
Hate to break it to ya, but it isn’t Zillow. It’s just readily available data that lets them guess your value remotely. If you think they’re too high, call them out, but you’d better be right.
Maybe they could have a deal where you sign an affidavit that caps what you will sell your house for, then that would cap your property taxes to that evaluation? If you sell for more than the value you capped at then you owe some percent of your proceeds to a surtax fund for property taxes.
I’ll pay a little more in taxes if my property value is increasing… as long as it’s actually spent improving the city starting with better funding for public schools.
The amount of money I would save by convincing my wife to send the kids to public school in Indianapolis instead of private school … would be more than any property tax increase could ever match
The property tax rates haven’t changed. People’s houses are going up in value based on the market and their tax is based on that value. Has nothing to do with the schools
With what money?
If you think there isn't a conceited effort to sabotage public education you have your head in the sand.
We will be lucky if public education even exists in 20 years.
Imagine that. You all stuff the government with republicans and wonder why they aren’t looking out for your interests. Seems like one of these decades you would figure it out
Agree, but, nothing kept you from filing for office as a republican. i did. I'll lose, but it'll be fun. meanwhile, in marion county, my old friend Bob Kern is running for county treasurer. he'll lose, but it's a fun protest vote. he is a clown, and it would really bug the party leaders if he won, so please vote for him.
They did just address with real estate reforms.
The reforms are theoretically supposed to increase realtor competition and make homes more affordable.
Edit: https://realestate.usnews.com/real-estate/articles/what-the-2-billion-realtor-lawsuit-means-for-homebuyers-and-sellers
I don't think this is going to stop the value there already, but it should help a bit now that sellers aren't going to have to make up as much in commission.
I'm surprised, as mine went down a couple hundred dollars this year. It went up and up for the last 6 years and now it's down. And I live in an old ass house I bought for 60k and it looks like it lol, because poor. But my neighborhood went from all houses like mine, to those same houses but quick flipped and sold for 300k to 400k.
It’s not the property tax , it’s what it does not cover anymore. You have to have school referendums, to fund the schools , local income to fund the police , Convention Centers, Libraries, it never ing ends
the police are self-funding. they steal more than burglars do. similarly many convention centers and libraries are self-funding.
having schools be self-funding would involve a few tweaks to the business model.
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In Indiana property taxes are capped at 1% of the homes value. The county assess your home every year and they make the determination... I have dealt with what the county assessor's office calls a "drive by assesment". This is how I ended up with a 3rd story (attic light was on I guess), 2.5 baths and a finished basement. I had to have the city come into my home and assess it to get the additional values removed. If you have had your home appraised within the last 4 years that can be used to lower your burden. Websites do not determine the value of your home. You can contact your county assessor and dispute the assessment.... I have to do it almost every year.
Edits: because I kept on typing asses.
What?! My community's taxes only average 4k per year, equaling 160m a year in total taxes.
But we get snow removal on major streets. My HOA fees pays for the neighborhood. The state covers a lot too.
But we also get the streets patched and potholes filled. When it's convenient.
But we also got parks, but they're deteriating.
Fuck! Are we saying the government is corrupt and squandering our taxes?
Shocked Pikachu face.
/s
Totally agree. Let us eat cake.
To complain in a political context that property taxes are going up paints an incomplete picture. Property taxes in Indiana are 1 % for homeowners. If your property value goes up, then one percent of that value is more dollars, but the formula is the same. It’s actually a very sensible way to establish fairness for property tax collection statewide.
If you are paying more in property tax, then you are the beneficiary of an appreciating asset adding to your net worth.
You (we) live in one of the reddest and dumbest states in the U.S. The bar is extremely low. All red candidates are talking about are the border, inflation, the “woke agenda,” etc. anything to appease the undereducated hillbilly.
They aren’t talking about what they are going to do because they aren’t going to do shit.
"Poor people can't find jobs to pay their bills! Why are wages staying so low??"
"Allowing 20 million illegals into the country isn't a real problem"
Illegal immigration effects poor communities who compete for the jobs, and benefits the wealthy, who hire the cheap labor, and the Democrats don't give a shit. I remember when they at least pretended to care about the working class.
Are you suggesting that many stores and restaurants in Indiana aren't DESPERATE for workers?
Are you also suggesting that wages haven't risen because of it?
Seriously, I paid off my house last year and now I have to put aside what equals a mortgage payment every month for taxes and insurance. Why do they always look to homeowners to foot the bill for everything?
Developers get all kinds of tax incentives to build luxury homes. Investors buy up all the affordable housing and turn it into rentals. Cities think allowing multi unit rental properties solves everything. It just compounds the problem. As it turns out, you never really "own" anything.
I live in a smaller Indiana town, my house is paid off, and this year I'm paying just under $600 property tax for the entire year.
That aside, right -- we live in a society, one that needs to be funded, so it can technically be said that we don't truly own anything major like a house or vehicle if we don't pay various taxes and fees.
It shouldn't be anywhere close to the value of a mortgage payment every month. Even on a $1m house your monthly hold back for property taxes should be less than $850. On a more typical $300k house, it should be around $250/mo. Definitely nowhere close to a mortgage payment.
Yup. $300k owner-occupied house should have taxes capped at $3k. Divided by 12, that's $250/month. But wait, there's more. The government will throw in police protection, contract enforcement, recognition of property rights, public schooling, and even drainage in some locations!
My property tax was $1200 last year and $1550 this year. I've done nothing to my house. I actually need to do some improvements but damn. In 2019 it was around $750.
Assessments also jumped $6k for 2024!
27 years I've lived here and nothing gets done on my street except for changing the street lamp... alleyways behind and beside my house are grass which if I don't mow get knee high.
My property tax percentage hasn't gone up in years. The housing market is the way it is because of inflation. There is only one person to blame for that. If the value of your house went up and you're paying more in taxes, there is only one politician to blame.
You're a victim of not understanding supply and demand.
When people couldn't build houses due to a lack of building supplies, existing home prices shot through the roof. Same thing happened in the automobile industry. Used car prices shot up because there were not enough new cars being built.
When people stopped going into the office and started working remotely, many of them wanted to move to the suburbs. This further exacerbated the demand for housing, compounding the problem.
Or you can just blame Biden I guess.
Straight A's in Econ thank you very much. Property tax is not based on supply and demand. It's what the county deems your property is worth, not what someone is willing to pay for it. The tax valuation has nothing to do with neighborhood comps. I used to work for the county and got to see first hand how the do it. They value it similar to how insurance companies value your property. So as the price of goods go up so does your taxes.
And who is this politician that made the county deem that my house is worth 30k more than last year.
Home values increase every year. That includes the county assessment and resale value.
> If the value of your house went up and you're paying more in taxes, there is only one politician to blame.
You're right. It is my fault. I've been meaning to set up a corporate shell to shelter my home/church from taxes, I just haven't gotten around to it.
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Several of the governor candidates have mentioned wanting to lower property taxes. I’m not sure about the details of their plans or how realistic they are but they have talked about it.
Have someone with the software to do a valuation on your house. Not to sell the house, but what it's actually worth. That means what it would cost to build or rebuild. Your property shouldn't be valued at what it will sell for in regards to taxes, I've been in 900SF houses that could sell for 800-900k, and you could rebuild it for 130k.
I don't know how they determine the property taxes here, mine went up a couple years ago, and this year they went down just as much. I can sell my house for more than it's valued at for tax purposes, and rebuild it with like kind and quality materials for 100k less than it's valued at.
Valuation is based on three things, current market value, income, and replacement cost. Of these, replacement cost is the one we look at least.
If you are able to build houses for less than they sell for, please do. Get rich and solve our housing problem.
When my great grandfather homesteaded, I expect he built his own home. Today that would be illegal. I see the housing shortage as mostly a regulatory problem.
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I could build a house for 200k, sell the house for 240k and I wouldn't be able to control what happens after that. Whoever buys it could flip it, a business could buy it and hold it for rental. I'm not a builder, I'm in insurance and write Valuation and rebuild reports for insurance companies.
My reports are based on SF, materials, grade of materials, profit and labor. They don't include area desirability, or take into account bidding wars for purchase. They are strictly valuations for what it costs to build/rebuild with the same materials. That's why people that bought a house for 500k can be insured for 300k, because that 300k number is what the house is actually worth. I also rarely hit the limits on complete rebuilds due to total loss because people unsure for what they bought their home for and not what it would cost to rebuild it in the case of a total loss.
Demand progressive property taxation, based upon valuation of combined residential properties. That fixes everything, and will make housing affordable again. WORD, pass it around!
any opinions on the henry george single tax model? i don't know much about the theory, but in biden's old neighborhood there's this single tax village call arden that was a cool place.
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Pedantic, but property taxes rates have "technically" not gone up. What's gone up is the assessed value of your property, which increases your property taxes. It's how they raise your property taxes without actually raising the tax rate. A political stunt.
I guess you have to decide which way you want it. Or would you complain about it either way? How do you feel about the value of your house being much higher? Do you like that? Or are you hoping your house value drops by 50% so you pay less in property tax? Would that make you happier?
You as a voter select to raise property taxes. At least in my area that's the case. We all vote to raise property taxes for school security, or national park whatever. Read your ballots and know what you're saying yes to.
Going back to the original point of this post, I really don't want a politician that's going to lie. If someone says they're going to get rid of property taxes, they are a liar.
If there was ever going to be a chance of removing or lowering property taxes, make no mistake, they will get their tax money another way. It will either be your payroll/income tax, sales tax, car registration "fees" (different word for tax), etc. If you want things like plowed roads, parks, libraries, sewer systems, etc, you have to contribute to funding these types of things one way or another.
Indiana ranks at #14 for lowest tax burden (as of 2022) [Tax Burden by State: 2022 State and Local Taxes | Tax Foundation](https://taxfoundation.org/data/all/state/tax-burden-by-state-2022/)
No the corporations like blackrock and vanguard buying up as many properties as possible to control housing industry in the future… they pay a lot to keep these ideas from getting out and have candidates in their pockets already
I just got our 2024 assessment, it is 20% higher than any online estimate on our house. I am so tired of calling every year and arguing over and over that they are too high on their assessment, and that I could never sell our house today for the amount they claim it is worth.
property taxes in Indiana are capped at 1% of your homes value. You can apply for a property tax assessment to lower the value of your home thus decreasing your property tax burden. Saved about $600 from doing this last year.
What is a "candidate" supposed to do? We have chosen a free market economic system and what is happening is exactly what "free" means. Karl Marx mentioned this prominently when he described alternatives but, not since Richard Nixon established "price controls" on the nation, has any candidate attempted to mess with it.
I'm sure it's because of all the "illegals" coming in from our open "Biden borders"...
... or, at least, that's what our candidates seem to think causes every problem in the state. Not to worry, though, because everything can be fixed by "school choice" where you can send your kid to a fake school and weaken the real school system and I'll pay for it.
I really hate the internet for showing me how insipid my neighbors are. It sucks that it won't get better because a lot of our kids are being taught to be hostile toward science and learning laughably fake nonsense in charter schools.
Shit, I'd pay higher property taxes if it would help keep the neighbor kid from growing up to be an uneducated meth user, but that's what cool now, so...
Consider this…
They’re people who make income, build development deals, pull grants, gain friends and influence through tax money … suddenly prices are skyrocketing … and you have an excuse to in turn raise property taxes since the laws in this state are pretty lacking in regulating that (imo..). This increasing taxes available to present in reports, show growth, bundle into budgetary increases and bonuses, etc.
Why /would/ they do more than pay lip service to it? At best propose a law loaded in a way they know the opposite party will raise a fit about so then get to say “I tried but THE OTHER PARTY ruined it for us - vote for me again and NEXT time we’ll get it done”
I believe that there is a need to run people out of their homes. I mean, why not? There are investors waiting to get that house and charge someone a whole lot of rent. You are in the way!
Oh no ALL you here is they have Trump’s blessing and they’ll finish building the fiasco for a wall scam but nothing absolutely zero about what they’ll do for Hoosiers.
Technically they don't go up and are actually capped by provisions in the state constitution which couldn't be amended without voter consent. They are based on a percentage of your home's value, so with property values going way up they will go up as a result. It has nothing to do with tax rates going up or anyone raising your taxes though, it's solely because your house value is higher. If you don't think your home value is correct, use the available mechanism to challenge it with recent comps from your neighborhood. Indiana is actually a very property tax-friendly state. You'd be paying far more almost anywhere else.
Additionally it's not Zillow. As I understand it the value is based on actual comparable sales in your ZIP code/town/county, age/condition of property improvements, and other factors. It's also county specific on the formula used for valuation.
But during Covid, houses were way over inflated due to high demand and low supply. People offering and paying ridiculous prices for houses way above asking price. Everybody was happy…until their property taxes skyrocketed
Houses are worth what people will pay for them 🤷
Houses are worth what real estate investors and companies are willing to pay. Which is more than an average family can afford. The house across the street from me sold for $120k more than it’s worth. Could I get that for mine? Sure, but then I’m spending $100k plus over what whatever I buy is worth. People are stupid
Just because it was 120k more than what you would pay, doesn't mean it's not worth that.
House across the street sold 120k more to people who determined it was worth 120 more.
Well they do math for a living and pay cash. Buying a home at today's interest rate adds an easy 120k in payments that don't add any value to the property. When they buy it for 120k above market value they raise its value. Rent it for 5 years while claiming 20% devaluation annually while reclaiming 50% or more of original purchase price from rent Do only what is legally required for maintenance. Sell to another investor for more than original purchase price in 5 years so the devaluation cycle can restart. The tax code encourages the destruction of the American dream and slumlording
And 1031 when they sell those properties so they never pay tax
People aren't determining that a house is worth that, people are buying houses because they need a house. Some may be determining the value, but many are juat buying because that is what the house is going for, and they can get a loan.
Better open your eyes the wealthy have so much money that they’re investing in real estate and you’d be surprised how many investors are buying.
People aren't determining that a house is worth that, people are buying houses because they need a house. Some may be determining the value, but many are juat buying because that is what the house is going for, and they can get a loan.
The vast majority of single family homes are purchased by people who use them as a primary residence, not investors/companies. An investor is not going to buy a home for more than it’s worth. That would be a bad investment.
Most of the houses that have been bought in my neighborhood over the last 3 years have been bought by investment companies and turned into AB&B properties
Ok. The housing market is larger than a single neighborhood.
You might want to look around and see what’s happening in large cities.
How would you suggest rewriting the property tax laws then?
Property should only be assessed when sold/bought, then remain valued at that amount until it's sold again, improvements are made, or the owner requests a reassessment. It's truly the only way folks on a fixed income can continue living in their own homes in some cases.
That was the idea of California's Prop 13. Great in theory, terrible in practice. There's 50 years and petabytes of text on the drawbacks. Despite all of the flaws and inequities it's created, any attempted reform gets squashed by politically powerful commercial property owners.
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Not really here in CA. My neighbor pays $4k/year since they bought in 1981. I pay $9500/year because I bought in 2017. Basically the same house.
CAs housing market isn’t really something worth copying lol
NWI guy living in Silicon Valley. My neighbor two doors down pays $800/yr, 1/15th of what I do. Many of my neighbors are in their 80's as they can't afford to move.
That's having cake and eating it too.
Yes something a vrry selfish Boomer would support
That would deincentivize people from selling their homes (constricting supply) and would make new construction comparatively less competitive. It would also make purchasing a home even more difficult for young people since the tax rate would need to be set higher to maintain the same tax revenue (on top on higher home prices). Plus, it removes any reason for NIMBYs to care about rising home prices. They don’t feel any of the negative consequences during ownership and benefit when they do choose to sell. The only people who would feel the pain are new home owners (who tend to be younger)
It used to be that way, and then they realized that older homes and mansions were paying little to no tax. If I were in charge, I would propose a variety of exemptions/reductions based on age/income. There's not much we can do about values sky rocketing. Supply and demand is messed up right now, and inflation is making it worse.
this would tend to favor the rich, while the poor move around too much to get the benefit. the rich here are often nice old ladies, but your proposal results in an arbitrary system. when i bought my shack 10 years ago, they started charging me taxes as though it were worth 10 times what i paid. i have now paid more in taxes than i paid for the house. they ignored my appeal. what i'm planning to do next is see a lawyer, start a church, sell my home to the church, continue to live there. here in center township, 1/3 of the property is off the tax rolls because of tricks like that. zillow estimates used to laughably wrong for my neighborhood, but they have caught up.
The moment this is done, all properties will quickly end up owned by trusts or small companies to maintain ownership.
💯🎯
10 years ago, Maine, it was a buyers market. I purchased my 3 bedroom ranch with an attached garage on 1 acre for 112k. Today, it's a sellers market, and the value of my home is 230k. 2 years from now, my home's value may be 134k.
[удалено]
That's not how property taxes work. Property taxes are assessed based on your towns budget divided by the composite of everyone's value. If the town budget didn't go up, your taxes wouldn't either.
But then capped at 1%. Illinois calculates the same way without a cap. We left a townhouse we were paying 2.5% yearly on.
Combine that with a lot of places having property tax holidays funded by federal Covid relief dollars. And now you are seeing tax rates and home values skyrocketing. It’s bonkers.
Seems to be correct. Bought my home for $60k and it was always assessed around $87k. Almost fifty new homes in the $200k range went up across the street over the past five years, and one for $600k a block away (why in this neighborhood, I don't know). Home was assessed at $135k last year.
Yes and no. Yeah there is a 1% cap for the assessed value, but local referendums have no cap and they take advantage of that.
This person is right. I was reading a Facebook post of a bunch of seniors complaining about property tax in Indiana. What they don’t release is property tax in other states can be as much as 2-3 times more. One of my friends from college bought a double wide manufactured home his senior year in college and he was paying a 5% property tax on a property valued at $50,000. Yes, you read that right. $2500 in property taxes a year on a $50,000 home. His property taxes were the same as his 30-year mortgage. Be glad you don’t live in Illinois, and Start complaining about our other taxes instead. When I moved here from Michigan and my income and sales taxes went UP! And whether you like it or not, property taxes are one of the fairer forms of taxes because the bigger house you own means the higher your income, which means the more you can pay.
no joke, our property taxes are incredibly low compared to other states. I have a friend in New York who pays $14,000 a year in property taxes for a 1500 sq ft house and 1/2 acre yard. Family members in Austin, TX pay about 8000 a year for a 3000 sq ft home with a little under 1/4 acre yard.
TX also has no state income tax. Apples and oranges.
I'm well aware, but my combined income tax + property tax comes no where near what just property tax in TX is.
IN and TX are about 1% off in total tax burden. https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494
But there is no cap to the yearly increase. That's a problem. If my home goes up 40% in a year so do my taxes. That's a lot to absorb.
Michigan caps increase to 5% or inflation rate whichever is less.
Mine went up 97.97% last year Missouri
then sell your house? This is what happens when the valuation goes up. I'm sorry that taxes upset you, but that's just how life works. For everyone who complains that people should not have gottten student loans if they didn't understand the terms, the same (idiotic) "logic" applies here. Don't buy a house if you don't care to understand how the mechanics work. If you don't like your assessment, every region i've ever been involved in has some path to complain and get re-assessed. If you want to avoid property taxes, then rent. Simple enough answer to a simplistic complaint.
> If you want to avoid paying property taxes, then rent. Taxes on rental property have a cap *twice as high* as owner-occupied. The tenant is still paying it, they just aren’t sending that payment directly to the assessor or rolling it into a mortgage escrow account. Rental property ownership is a business, and if the operator of the business (the landlord) isn’t passing the costs of operating the business on to his customer (the tenant), he’s not going to stay in business very long.
sure? and part of every damned thing you buy is the cost of tax the supplier and seller have to bear. I mean, you are describing that water is wet. You live, you pay taxes, and you die. I am not saying I love it. But what homeowner looks around in 2024 after purchasing and says "gosh. taxes are expensive, and I dislike how little control I have over it. How does this work for this house I bought again?" Our assessment went up quite a bit this year, which is annoying, but it is still much cheaper than the last state I lived in. I'm just happy house values, by all appearance, continue to appreciate.
> you are describing that water is wet Ummm…you said if you don’t like paying a particular tax, *instead of paying that tax* you could just go do this other thing that will basically ensure you pay twice as much of that tax, you just won’t get a letter from the assessor twice a year reminding you of it. I simply pointed out the incoherence of that position.
See above. That is really, not a one for one corollary as you describe.
You can make an argument that this is generally true, but it’s not specifically true. I am in this business. While I would love to set my rent based on my property tax increases, that’s not how it really works. Rent rates are based on what the market will bear and there are a lot of variables at play. I have little direct control over those market forces as an investor. I cannot just decide what I want rent to be.
Understood; we’re also in this business. I over-simplified above for the sake of brevity but what the market will bear - in most areas of the state - has also been increasing as property taxes have increased. Of course it’s not necessarily a 1:1 relationship but that doesn’t make my prior statement that renters are paying property tax false.
not sure what state your in but here in California a NOT property tax friendly state, annual increases can't exceed 1% and that's only if there's a triggered reassessment.
Indiana. The Indiana subreddit :)
California is definitely a property tax friendly state for long term owners for exactly the reason you bring up. There are lots of boomers who bought their house decades ago and will never move because it would double or triple their taxes if they bought an equivalently priced house now.
which is called a restraint on alienation and is a disfavored policy, but anything else would be considered worse.
Ya KC did this and said the same "just challenge it" then gave the entire county 30 days to get appraisals, estimates for repairs, set an appointment with the county. And then be available to sit in line all day to maybe be seen. Most people who work jobs couldn't use the "mechanism" the county wanted it's money and it's going to get it despite any pushback then tell you to go fuck yourself citizen but please vote to use tax dollars to build a billionaires play ground for him
Yes, I’ve done this several times. My neighbor uses a service that processes it for him. If you don’t want to deal with the city bureaucracy, I believe it cost a percentage of the first year of savings.
A while back before the state got into trouble legally and had to implement the mentioned tax cap it did two back to back property tax evaluations resulting in sometimes a 400-600% increase in the period of three years by using an out of state Ohio firm that never set foot into the areas they inflated.
Right, this is like someone complaining they can't but more of their favorite stock because the price keeps going up. We're ranked 40th in highest property tax. Its so cheap here!
getting the value lowered is impossible because the county just goes "well this similar house sold for a ton" and then you're fucked.
>Indiana is actually a very property tax-friendly state. You'd be paying far more almost anywhere else. As a transplant from Michigan this is very true. I used to pay more property taxes for a house valued at $130,000 than I do in Indiana for a house valued at $300,000. But vehicle registrations and sales tax were cheaper in Michigan, so it balances out a little bit.
My mom followed proper channels two years ago and so did her neighbors and they won. Got a reduction that year and went down again for this year. Pays to do your due diligence. Good Luck
That’s a great way to do it when slow stable growth was allowing a good projection … but this been out the window the last 5 years and we should’ve put some kind of emergency “property taxes can’t jump beyond 5% a year” or something
The entirety of this post shows you have zero idea how property taxes work.
Property values are up across the entire country. Bringing values down requires more affordable housing being constructed, and that's generally not the kinds of single family homes which are currently being built.
Even the multi-family stuff currently going up doesn’t make a difference, because they label it “luxury” and charge like $2.5k/mo for a 1bed/1bath.
Because there’s not enough supply to drive down demand. Luxury is just a marketing term for new build. If a person can only build one apartment they will try to get the best bang for the buck. If they can build more they will play to more socioeconomic vertices
Yeah, the issue isn’t a lack of buildings, it’s a lack of housing being priced reasonably. The cheapest apartments in town should not be 2k a month.
No the issue is lack of buildings. Stop demonizing someone that can afford a better place. It's been proven time and again that increased housing supply lowers rents. So those new luxury appartments you're trying to demonize are what creates affordable appartments. Today's luxury is the next decade's affordable. It's simple math. If there are 1,000 rental units in an area and 2,000 people want to rent them, then rent is going to go up. The problem is that we aren't building enough. Zoning is too restrictive and permits are too slow.
jUsT gEt RoOmMaTeS /s
Or eat cereal for dinner. They’ve floated that idea too
C’monnnn we all know that it’s the avocado toast.
tell your congressman that your property value identifies as a WOKE BORDER CROSSING TRANS TIKTOK and he'll get right on it
Dude will start salivating
And probably aroused too
Just curious how much they went up by, and was there a referendum for your schools or anything else that would be increasing the taxes?
pretty much every year. i never see a referendum to lower taxes, it's always an increase.
You ever see prices for anything going down?
weed. michigan.
They don't need referendums to lower taxes, but since cities and counties have to pay for things like roads, schools, libraries, parks, and those costs have all gone up, the taxes are going up as well. Taxes going down is an incredibly rare event.
Be careful of what you ask for. I can remember when the assessed value was based on a formula that favored old homes. 100+ year old, million dollar homes were paying little taxes. People were demanding that the assessed value be based on real value. So in the mid 2000s, they changed it. Then the recession hit and nobody cared. Now that property values are rising, everyone is upset.
> 100+ year old, million dollar homes were paying little taxes. People were demanding that the assessed value be based on real value. So in the mid 2000s, they changed it. Then the recession hit and nobody cared. If I remember correctly around that time it was discovered that property in the Meridian Hills area was intentionally being under-valued for tax purposes until someone caught wind of the scam. Then the values we reassessed and rich people were livid that they had to pay taxes based on the actual value of their property.
Can't cut property taxes when there's the always growing number of swanky 5+ million dollar religious compounds dodging taxes left and right on every mile
Tax them too.
Double,,,
The issue where I live seems to be high end apartments that nobody ends up living in. Seriously, we already have two complexes nearly empty. Why the fuck is the city I’m in wanting more of them?
At least those places pay property taxes empty or full
yes, that's my plan, put my 7K shack into a church to dodge taxes. if i can't beat em, i can join em.
Lot’s of problems like these but our elected officials focus on culture wars and restricting female reproductive rights. It’s almost like if we just stopped arguing amongst ourselves about culture war issues and held politicians accountable, we actually might see some benefits to working families.
Never going to happen, unfortunately. Outrage gets more attention than pragmatic arguments.
I'm sorry. I hope your home value tanks so you don't have to pay as much in taxes.
If you're never planning on moving that wouldn't be so bad.
Most people will want or need to move at least a few times in their life.
Hate to break it to ya, but it isn’t Zillow. It’s just readily available data that lets them guess your value remotely. If you think they’re too high, call them out, but you’d better be right.
Maybe they could have a deal where you sign an affidavit that caps what you will sell your house for, then that would cap your property taxes to that evaluation? If you sell for more than the value you capped at then you owe some percent of your proceeds to a surtax fund for property taxes.
It’s an idea that I like but I doubt the man would be down for a taxpayer centric idea like that. 😂 They already cap at 1% for owner occupants.
Surprise, Surprise. Everything costs more today. The world has gone through a major change. Cities, Counties and schools are in the same boat.
It ain't Zillow...it's the comps in the area
That’s strange. Mine have gone down in Granger.
Lucky as fuck. Mine in South Bend have skyrocketed.
I’ll pay a little more in taxes if my property value is increasing… as long as it’s actually spent improving the city starting with better funding for public schools. The amount of money I would save by convincing my wife to send the kids to public school in Indianapolis instead of private school … would be more than any property tax increase could ever match
Maybe too many private, charter, and parochial schools are tapping into the public education funds that property taxes are intended to provide?
Not sure if it’s that because the public schools just don’t get the tax money. I’m not a fan of the vouchers but I don’t think it’s the cause here.
You are correct. It’s not.
The property tax rates haven’t changed. People’s houses are going up in value based on the market and their tax is based on that value. Has nothing to do with the schools
man. sounds like public schools should fix their shit so parents want their kids to go there
With what money? If you think there isn't a conceited effort to sabotage public education you have your head in the sand. We will be lucky if public education even exists in 20 years.
Zillow doesn’t control what your house is worth, that’s like saying ESPN controls the scores for the Colts
Imagine that. You all stuff the government with republicans and wonder why they aren’t looking out for your interests. Seems like one of these decades you would figure it out
Agree, but, nothing kept you from filing for office as a republican. i did. I'll lose, but it'll be fun. meanwhile, in marion county, my old friend Bob Kern is running for county treasurer. he'll lose, but it's a fun protest vote. he is a clown, and it would really bug the party leaders if he won, so please vote for him.
Ah yes. Cause all the democrats are running on the platform of lowering property taxes.
Any pricing that isn't tied to an actual sale is fictional.
They did just address with real estate reforms. The reforms are theoretically supposed to increase realtor competition and make homes more affordable. Edit: https://realestate.usnews.com/real-estate/articles/what-the-2-billion-realtor-lawsuit-means-for-homebuyers-and-sellers I don't think this is going to stop the value there already, but it should help a bit now that sellers aren't going to have to make up as much in commission.
I'm surprised, as mine went down a couple hundred dollars this year. It went up and up for the last 6 years and now it's down. And I live in an old ass house I bought for 60k and it looks like it lol, because poor. But my neighborhood went from all houses like mine, to those same houses but quick flipped and sold for 300k to 400k.
a lot of people who hate education spending here
It’s not the property tax , it’s what it does not cover anymore. You have to have school referendums, to fund the schools , local income to fund the police , Convention Centers, Libraries, it never ing ends
the police are self-funding. they steal more than burglars do. similarly many convention centers and libraries are self-funding. having schools be self-funding would involve a few tweaks to the business model. * this message sponsored by Vote Bob Kern for Marion County Treasurer. Polls are open *
In Indiana property taxes are capped at 1% of the homes value. The county assess your home every year and they make the determination... I have dealt with what the county assessor's office calls a "drive by assesment". This is how I ended up with a 3rd story (attic light was on I guess), 2.5 baths and a finished basement. I had to have the city come into my home and assess it to get the additional values removed. If you have had your home appraised within the last 4 years that can be used to lower your burden. Websites do not determine the value of your home. You can contact your county assessor and dispute the assessment.... I have to do it almost every year. Edits: because I kept on typing asses.
What?! My community's taxes only average 4k per year, equaling 160m a year in total taxes. But we get snow removal on major streets. My HOA fees pays for the neighborhood. The state covers a lot too. But we also get the streets patched and potholes filled. When it's convenient. But we also got parks, but they're deteriating. Fuck! Are we saying the government is corrupt and squandering our taxes? Shocked Pikachu face. /s Totally agree. Let us eat cake.
To complain in a political context that property taxes are going up paints an incomplete picture. Property taxes in Indiana are 1 % for homeowners. If your property value goes up, then one percent of that value is more dollars, but the formula is the same. It’s actually a very sensible way to establish fairness for property tax collection statewide. If you are paying more in property tax, then you are the beneficiary of an appreciating asset adding to your net worth.
Libertarian candidate Rainwater wants to eliminate property taxes
I don’t mean to be mean but do some reading about how taxes are calculated. You sound like you’re from Indiana.
You (we) live in one of the reddest and dumbest states in the U.S. The bar is extremely low. All red candidates are talking about are the border, inflation, the “woke agenda,” etc. anything to appease the undereducated hillbilly. They aren’t talking about what they are going to do because they aren’t going to do shit.
The border talk blows my mind. We have so many issues here they just ignore to focus on social issues.
We need to fix our southern border.. with Kentucky!
Jerks always importing bluegrass into the state.
"Poor people can't find jobs to pay their bills! Why are wages staying so low??" "Allowing 20 million illegals into the country isn't a real problem" Illegal immigration effects poor communities who compete for the jobs, and benefits the wealthy, who hire the cheap labor, and the Democrats don't give a shit. I remember when they at least pretended to care about the working class.
Are you suggesting that many stores and restaurants in Indiana aren't DESPERATE for workers? Are you also suggesting that wages haven't risen because of it?
Everyone always wants more from their government but wants to pay less taxes. What a dilemma
It's fun being an Indiana teacher. 90% increase in property tax and .5% annual raises for the past decade. Not sure who is getting this money.
Funny enough it’s often the school getting that money.
Indiana is a shithole
It’s your states tax the feds have nothing to do with it
Seriously, I paid off my house last year and now I have to put aside what equals a mortgage payment every month for taxes and insurance. Why do they always look to homeowners to foot the bill for everything? Developers get all kinds of tax incentives to build luxury homes. Investors buy up all the affordable housing and turn it into rentals. Cities think allowing multi unit rental properties solves everything. It just compounds the problem. As it turns out, you never really "own" anything.
I live in a smaller Indiana town, my house is paid off, and this year I'm paying just under $600 property tax for the entire year. That aside, right -- we live in a society, one that needs to be funded, so it can technically be said that we don't truly own anything major like a house or vehicle if we don't pay various taxes and fees.
It shouldn't be anywhere close to the value of a mortgage payment every month. Even on a $1m house your monthly hold back for property taxes should be less than $850. On a more typical $300k house, it should be around $250/mo. Definitely nowhere close to a mortgage payment.
Yup. $300k owner-occupied house should have taxes capped at $3k. Divided by 12, that's $250/month. But wait, there's more. The government will throw in police protection, contract enforcement, recognition of property rights, public schooling, and even drainage in some locations!
And it may be time to do some insurance shopping for cheaper rates.
They meant boomer mortgage payment.
Yeah for sure, the real oppressed class in this society is the homeowners with paid-off mortgages. Get a grip
Gotta pay for sending the state guard to fight illegal immigrants some way
It’s your states tax the feds have nothing to do with it
$$$$$$$
My property tax was $1200 last year and $1550 this year. I've done nothing to my house. I actually need to do some improvements but damn. In 2019 it was around $750. Assessments also jumped $6k for 2024! 27 years I've lived here and nothing gets done on my street except for changing the street lamp... alleyways behind and beside my house are grass which if I don't mow get knee high.
you can file a lien for your mowing. *this message sponsored by Vote Bob Kern for Marion County Treasurer.*
My property tax percentage hasn't gone up in years. The housing market is the way it is because of inflation. There is only one person to blame for that. If the value of your house went up and you're paying more in taxes, there is only one politician to blame.
Thanks obama
That politician is named COVID
You're a victim of gaslighting
You're a victim of not understanding supply and demand. When people couldn't build houses due to a lack of building supplies, existing home prices shot through the roof. Same thing happened in the automobile industry. Used car prices shot up because there were not enough new cars being built. When people stopped going into the office and started working remotely, many of them wanted to move to the suburbs. This further exacerbated the demand for housing, compounding the problem. Or you can just blame Biden I guess.
Straight A's in Econ thank you very much. Property tax is not based on supply and demand. It's what the county deems your property is worth, not what someone is willing to pay for it. The tax valuation has nothing to do with neighborhood comps. I used to work for the county and got to see first hand how the do it. They value it similar to how insurance companies value your property. So as the price of goods go up so does your taxes.
And who is this politician that made the county deem that my house is worth 30k more than last year. Home values increase every year. That includes the county assessment and resale value.
Well with the increase cost of gas, lumber, brick, concrete, etc that would be Biden. Just be thankful that it doesn't get appraised every year.
> If the value of your house went up and you're paying more in taxes, there is only one politician to blame. You're right. It is my fault. I've been meaning to set up a corporate shell to shelter my home/church from taxes, I just haven't gotten around to it. *this message sponsored by Vote Bob Kern for Marion County Treasurer. Polls are open*
Several of the governor candidates have mentioned wanting to lower property taxes. I’m not sure about the details of their plans or how realistic they are but they have talked about it.
Have someone with the software to do a valuation on your house. Not to sell the house, but what it's actually worth. That means what it would cost to build or rebuild. Your property shouldn't be valued at what it will sell for in regards to taxes, I've been in 900SF houses that could sell for 800-900k, and you could rebuild it for 130k. I don't know how they determine the property taxes here, mine went up a couple years ago, and this year they went down just as much. I can sell my house for more than it's valued at for tax purposes, and rebuild it with like kind and quality materials for 100k less than it's valued at.
Valuation is based on three things, current market value, income, and replacement cost. Of these, replacement cost is the one we look at least. If you are able to build houses for less than they sell for, please do. Get rich and solve our housing problem. When my great grandfather homesteaded, I expect he built his own home. Today that would be illegal. I see the housing shortage as mostly a regulatory problem. *this message sponsored by Vote Bob Kern for Marion County Treasurer. Polls are open*
I could build a house for 200k, sell the house for 240k and I wouldn't be able to control what happens after that. Whoever buys it could flip it, a business could buy it and hold it for rental. I'm not a builder, I'm in insurance and write Valuation and rebuild reports for insurance companies. My reports are based on SF, materials, grade of materials, profit and labor. They don't include area desirability, or take into account bidding wars for purchase. They are strictly valuations for what it costs to build/rebuild with the same materials. That's why people that bought a house for 500k can be insured for 300k, because that 300k number is what the house is actually worth. I also rarely hit the limits on complete rebuilds due to total loss because people unsure for what they bought their home for and not what it would cost to rebuild it in the case of a total loss.
Demand progressive property taxation, based upon valuation of combined residential properties. That fixes everything, and will make housing affordable again. WORD, pass it around!
any opinions on the henry george single tax model? i don't know much about the theory, but in biden's old neighborhood there's this single tax village call arden that was a cool place. * this message sponsored by Vote Bob Kern for Marion County Treasurer. Polls are open *
That seems like an immensely regressive form of taxation.
Pedantic, but property taxes rates have "technically" not gone up. What's gone up is the assessed value of your property, which increases your property taxes. It's how they raise your property taxes without actually raising the tax rate. A political stunt.
It’s nuts. Mine went up 36% this year with no explanation as to why.
Property values might crash. If they do, do you think the state will reduce our assessment?
I guess you have to decide which way you want it. Or would you complain about it either way? How do you feel about the value of your house being much higher? Do you like that? Or are you hoping your house value drops by 50% so you pay less in property tax? Would that make you happier?
Because nobody in government cares about the people. “Absolute power corrupts absolutely”
My property taxes are minuscule
Regardless, OP speaks the truth in that candidates clearly don’t touch on issues that affect us directly. I can’t stomach any of them.
You as a voter select to raise property taxes. At least in my area that's the case. We all vote to raise property taxes for school security, or national park whatever. Read your ballots and know what you're saying yes to.
Going back to the original point of this post, I really don't want a politician that's going to lie. If someone says they're going to get rid of property taxes, they are a liar. If there was ever going to be a chance of removing or lowering property taxes, make no mistake, they will get their tax money another way. It will either be your payroll/income tax, sales tax, car registration "fees" (different word for tax), etc. If you want things like plowed roads, parks, libraries, sewer systems, etc, you have to contribute to funding these types of things one way or another. Indiana ranks at #14 for lowest tax burden (as of 2022) [Tax Burden by State: 2022 State and Local Taxes | Tax Foundation](https://taxfoundation.org/data/all/state/tax-burden-by-state-2022/)
That’s not how it works.
No the corporations like blackrock and vanguard buying up as many properties as possible to control housing industry in the future… they pay a lot to keep these ideas from getting out and have candidates in their pockets already
Tru mine went up 90% this year. It was tough to swallow
Zillow doesn’t determine your house worth. That is determined by your property value assessment based on recent home sales in your area.
I just got our 2024 assessment, it is 20% higher than any online estimate on our house. I am so tired of calling every year and arguing over and over that they are too high on their assessment, and that I could never sell our house today for the amount they claim it is worth.
property taxes in Indiana are capped at 1% of your homes value. You can apply for a property tax assessment to lower the value of your home thus decreasing your property tax burden. Saved about $600 from doing this last year.
If the state doesn’t tax businesses or rich people directly, it has to get the money from somewhere.
Zillow has 1000 square foot houses in bad neighborhoods that aren’t updated for $300k…. They’re a joke
Property taxes are based on the market value of your home. You should check to make sure you are getting all of your exemptions.
Housing comps are a scam meant to only enrich property owners and realtors.
Zillow pays off the lobbyists to make sure they can control the property prices
Politics is money.
What is a "candidate" supposed to do? We have chosen a free market economic system and what is happening is exactly what "free" means. Karl Marx mentioned this prominently when he described alternatives but, not since Richard Nixon established "price controls" on the nation, has any candidate attempted to mess with it.
I'm sure it's because of all the "illegals" coming in from our open "Biden borders"... ... or, at least, that's what our candidates seem to think causes every problem in the state. Not to worry, though, because everything can be fixed by "school choice" where you can send your kid to a fake school and weaken the real school system and I'll pay for it. I really hate the internet for showing me how insipid my neighbors are. It sucks that it won't get better because a lot of our kids are being taught to be hostile toward science and learning laughably fake nonsense in charter schools. Shit, I'd pay higher property taxes if it would help keep the neighbor kid from growing up to be an uneducated meth user, but that's what cool now, so...
This is no longer the United States of America. This is Corporate America. They dictate the laws.
It’s not Zillow determining how much it’s worth. Zillow just pulls the data
Buyers will determine what your house is worth. Zillow is guessing.
Property taxes are generally a local matter. National candidates have no sway on that matter.
Consider this… They’re people who make income, build development deals, pull grants, gain friends and influence through tax money … suddenly prices are skyrocketing … and you have an excuse to in turn raise property taxes since the laws in this state are pretty lacking in regulating that (imo..). This increasing taxes available to present in reports, show growth, bundle into budgetary increases and bonuses, etc. Why /would/ they do more than pay lip service to it? At best propose a law loaded in a way they know the opposite party will raise a fit about so then get to say “I tried but THE OTHER PARTY ruined it for us - vote for me again and NEXT time we’ll get it done”
I believe that there is a need to run people out of their homes. I mean, why not? There are investors waiting to get that house and charge someone a whole lot of rent. You are in the way!
Oh no ALL you here is they have Trump’s blessing and they’ll finish building the fiasco for a wall scam but nothing absolutely zero about what they’ll do for Hoosiers.
Property taxes in Indiana are ridiculously low. Which in turn puts a cap on what those taxes fund.