What is this all about?

Well, if you aren’t a Hoosier, you may not be aware that our state is undergoing a major reform to our property taxes.  Governor Mitch Daniels nearly called an emergency session to address the property tax issue in the state of Indiana.  He has made it a top priority in the current legislative session to see that he achieves the objective of reducing the property tax burden.

The Indiana property tax issues have a long history in the coming, however, our current assessment system dates back to over a century ago.  Obviously there have been modifications over the decades to the methods applied (replacement vs reproduction costs vs  2002’s beginning of market based trending), but in essence the “system” is essentially the same.  Some feel this system is antiquated and needs to be evaluated.  Others feel it is not the system but the lack of local government spending control that has created the uncontrollable property taxes our taxpayers face today.  Which is the case?  I invite your opinions on this hot topic.

For additional information on who currently administers the Indiana property taxes, as well as an understanding of where your property tax dollars go, see the Department of Local Government Finance’s recently developed “Guide to Property Taxes”.

Even though our current market-based approach to property tax evaluation is currently being scrutinized, it is the same method used in 48 other states.  Do the other states have it figured out?  Are pastures “greener” elsewhere.  Read this article on other states’ issues/tactics.

What does the Realtor Community think?  See the latest GetRealIndiana.com message.