Lee’s Notes: Found this article on WISH TV 8 Blog. Figured i would post here… The article basically tells us what politicians have already been saying over and over…. Be careful when buying a new home in the next year, because taxes can be incorrect according to the title company. If you are the buyer, you could end up owing more of the sellers taxes than what the title companies are holding back.. It’s very tough to figure out the reconciliation numbers. A lot of Realtors are in the dark on where and how to look up the most correct numbers and help you make sure you aren’t in the dark.
INDIANAPOLIS (WISH) – Businesses will be paying more and many residential property owners should be paying less. That’s the result of the 2007 property reassessment in Marion County.
Marion County Assessor Greg Bowes said property owners can rest assured that the reassessment is accurate and fair. But does everyone agree?
Marion County Assessor Greg Bowes officially announced the results on Friday.
“The assessments in Marion County are more accurate, more uniform and more equitable. What this means is our taxpayers will know that they’re more likely to pay no more, no less than their fair share,” said Bowes.
Among them, more than $4.7 billion from commercial and business properties he said were under-assessed. The 32% increase, along with little change in residential assessed values means a tax rate drop for homeowners.
“What do taxpayers do now? Certainly you want to wait for your bill,” said Bowes.
However, auditors still must calculate the actual tax rate which will take at least three weeks. Still, Bowes said assessments have changed for about half of all residential properties. In Washington Township home values dropped 60%, in Center Township, 46%.
“There will still be some cases where taxpayers still don’t agree with the assessed value that they have. They have the right to appeal,” said Bowes.
Great news for Attorney John Price. He had big math questions before the reassessment and still has big math questions.
“Seems to me that if market values go down and homes are worth less than they used to be, then the assessment of their values should go down commensurate with the decline in the market value, but we’re not seeing that,” said Price.
To figure out your reassessment click here. Keep in mind, this will only give you your new assessment, not your property tax bill. Those won’t go out until mid-June. They are due in July.
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