Clicclic, Other/Just Looking in Indianapolis, IN

What % decrease in price are you seeing courtesy of the property tax re-assessment?

Asked by Clicclic, Indianapolis, IN Thu May 1, 2008

This might be a tough question to answer considering the current downturn in the market, but I was just wondering how the re-assessment has affected home selling prices for Washington Township, Center Township, Geist, etc.

Some property taxes doubled overnight, which must have some effect on the prices people can command when selling their homes. I am very worried that the beautiful homes we've spent decades restoring in Washington Township (and others) will be all converted back to multi-units to afford the crazy property taxes.

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Answers

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Property taxes are definitely a concern when selling a home in Indianapolis. The assessments often do not make sense as stated by Tony.

When calculating any decrease in property value, based purely on taxes, you would have to narrow it down to individual neighborhoods. Or, at least, I would. There is really not a standard for Townships.

Since you specifically asked about Meridian-Kessler and/or Washington Township, I ran a few statistics for sales in Washington Township for 2004 and 2007.

In 2004, before the new assessment, the averages were:

2 bedroom, 2 bath with 1768 sq. ft.

Average sales price was $180,840

Average days on market were 65

For 2007, The averages were higher, though, not much.

2 bedroom, 2 bath, with 1728 sqaure ft.

Average sales price was $187,391

Average days on market were 82

As you can see, the averages indicate an increase and it is taking about 20 days longer to sell. These numbers will change as you narrow down to specific neighborhoods.

If you would information about specific neighborhoods, I'd be happy to research the data for you.

Paula Henry
ReMax Excel
0 votes Thank Flag Link Thu May 1, 2008
This is a great question. Thanks. I hope it stimulates conversation. As we all know Indiana has been all over the place with property taxes. The latest law now has owner-occ properties at 1% of assessed value. Now it has been my experience that assessed vs. appraised never matches or makes sense. I did not write these rules. They are what they are.
Since the state has just spent a bunch of money re-assessing the state I do not see them doing it again. My best advise is to look at your latest assessment mult. by 1% and hope it is something that you could manage.
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Tony Grego - Indiana Mortgage Company
Web Reference: http://www.sagamorehm.net
0 votes Thank Flag Link Thu May 1, 2008
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