Property tax needs to be repealed / abolished NOW! (Morgan Co info here)

[Ingomike]

But that is also ones that sold, and the market is currently nuts.

What other fact based measure do we have other than looking at sold properties assessments to see the difference?

 

[Ingomike]

Also several were very recently remodeled, as in bought with the intention to flip. As I mentioned the fire I had is the only reason I could get near assessed value. New electric, hvac, plumbing, roof, windows, etc. Along with new siding, soffits, fascia, gutters that I had installed. With out that, there is no way.

Oh I just checked one my wife and I looked at, it sold for about 2/3rds assessed value. Assessed 150ish, sold for 90 which was more than asking

This does not resemble what the law says, why is it this way?

 

[bobzilla]

What other fact based measure do we have other than looking at sold properties assessments to see the difference?

Feelings. We use our feelings. “It’s not fair” is the current method made popular recently

 

[Timjoebillybob]

Link?

I was off it went for 119k the 90k I was thinking of was probably the asking price.

https://www.realtor.com/realestateandhomes-detail/421-N-Main-St_Monticello_IN_47960_M45159-71697

 

[Ingomike]

I was off it went for 119k the 90k I was thinking of was probably the asking price.

https://www.realtor.com/realestateandhomes-detail/421-N-Main-St_Monticello_IN_47960_M45159-71697

Interesting property, I can see how it will get caught in potential over assessment. It has what appears to be a double lot, massive sq footage, it is all brick, has decent looking cabinets, it also is a physical wreck in need of flipping but that is not a part of the assessment process to my knowledge.

There are some properties that will be assessed at more than they are worth but that same house could also be sold for triple that assessment if it was updated and detailed. To me that is more on the owners neglect than anything affecting the sale value. All comments are based on the condition presented in the marketing from 2022.

 

[sapper83]

It's not a dead horse, what other option is there? And no corn field here bud, I'm looking at my lake and forest out my office window.

I've said it before, you couldn't pay me to live in NWI, but to each their own.

I've paid my share, paid 2% on one property when I owned two (and no, it wasn't a rental). How's that fair? They were both my residences... one just weekends only...

While Indiana's system isn't perfect, it's more than fair!

Don't believe me, look at properties in Illinois and Michigan and tell me we have it bad here.

PROPERTY TAX IS NOT FAIR PERIOD. IT IS COMMUNIST. You don't own your home EVER!

 

[firecadet613]

PROPERTY TAX IS NOT FAIR PERIOD. IT IS COMMUNIST. You don't own your home EVER!

Welcome, comrade. All 50 states have it...

What's your fix? @bobzilla posted an article that says Indiana is one of the 20% lowest property tax states in the USA...

 

[bobzilla]

Interesting property, I can see how it will get caught in potential over assessment. It has what appears to be a double lot, massive sq footage, it is all brick, has decent looking cabinets, it also is a physical wreck in need of flipping but that is not a part of the assessment process to my knowledge.

There are some properties that will be assessed at more than they are worth but that same house could also be sold for triple that assessment if it was updated and detailed. To me that is more on the owners neglect than anything affecting the sale value. All comments are based on the condition presented in the marketing from 2022.

my thoughts, word for word. There's no reason that house couldn't have $50k put into it and sell for $300k.

Link from that same listing of what the house should look like:
https://www.realtor.com/realestateandhomes-detail/318-S-Main-St_Monticello_IN_47960_M48989-08880
Similar house, 1/3 the lot size but actually kept up.

 

[Timjoebillybob]

This does not resemble what the law says, why is it this way?

You tell me. Here is a listing for a house for sale right about assessed value. Was last sold in 2020 for 63.5 assessed that year for 96.9.

https://www.redfin.com/IN/Monticello/516-S-Bluff-St-47960/home/142281943

And another one.

https://www.realtor.com/realestateandhomes-detail/313-E-Ohio-St_Monticello_IN_47960_M49265-60209?from=srp-list-card

Last sale 46.5 2019 assessed that year for 76, current 132.

 

[Destro]

PROPERTY TAX IS NOT FAIR PERIOD. IT IS COMMUNIST. You don't own your home EVER!

If you think about it, even owning personal property free & clear does not necessarily mean you own it forever. Courts can seize your cars and personal items too.

 

[HoughMade]

Welcome, comrade. All 50 states have it...

What's your fix? @bobzilla posted an article that says Indiana is one of the 20% lowest property tax states in the USA...

All of the states then in existence had property tax before communism was defined as a political theory. Several states had it at the time the Union was formed.

 

[WebSnyper]

If you think about it, even owning personal property free & clear does not necessarily mean you own it forever. Courts can seize your cars and personal items too.

For failing to pay taxes on it? Or for committing some other illegal activity?

Seizing of property because one cannot pay taxes on it is inherently a flawed system.

Basing taxation off of an increasing value of an asset vs either a realized gain or based on an actual apportionment of the cost of services is also flawed.

 

[bobzilla]

PROPERTY TAX IS NOT FAIR PERIOD. IT IS COMMUNIST. You don't own your home EVER!

Like I said, Feelings. That's how we determine it now.

I don't disagree that property tax should be criminal, but it isn't and we are in a really good position in the country. Of the states that pay less per year than us, only South Carolina and Tennessee are not below us in poverty level. The other 5 are Mississippi (#1 poverty), Alabama (#8), West Virginia (#6), Louisiana (#3), Arkansas (#7)



The two states above us also have a booming tourism industry that eclipses us. Indiana is 24th in tourism, Tennessee is 11th and South Carolina is 7th. Alabama is the one really f'n up, poor as hell but 14th in tourism.

 

[Timjoebillybob]

my thoughts, word for word. There's no reason that house couldn't have $50k put into it and sell for $300k.

Link from that same listing of what the house should look like:
https://www.realtor.com/realestateandhomes-detail/318-S-Main-St_Monticello_IN_47960_M48989-08880
Similar house, 1/3 the lot size but actually kept up.

The pictures don't do that house justice. It is down right gorgeous.

But 50k? Probably 100k. And that's doing a good bit of work yourself.

Interesting property, I can see how it will get caught in potential over assessment. It has what appears to be a double lot, massive sq footage, it is all brick, has decent looking cabinets, it also is a physical wreck in need of flipping but that is not a part of the assessment process to my knowledge.

There are some properties that will be assessed at more than they are worth but that same house could also be sold for triple that assessment if it was updated and detailed. To me that is more on the owners neglect than anything affecting the sale value. All comments are based on the condition presented in the marketing from 2022.

So property should be taxed on potential value not actual? Oh the interior wasn't a wreck for the most part. It was pretty solid. Rip up the carpets and refinish the hardwood that I believe is under it. Strip the wallpaper and paint. Cabinets look okay but they are cheap ones. Bathrooms and kitchen needed total remodel, most of the rest is cosmetic. Exterior...

 

[bobzilla]

You tell me. Here is a listing for a house for sale right about assessed value. Was last sold in 2020 for 63.5 assessed that year for 96.9.

https://www.redfin.com/IN/Monticello/516-S-Bluff-St-47960/home/142281943

And another one.

https://www.realtor.com/realestateandhomes-detail/313-E-Ohio-St_Monticello_IN_47960_M49265-60209?from=srp-list-card

Last sale 46.5 2019 assessed that year for 76, current 132.

first one assessed at $125k, selling for $187. I guarantee you that the house in 2020 was trashed.

Second one is assessed at 87k, selling at 189. You're literally making my point for me.

You find trashed homes that are worth pennies before people fix them and claim "look, see it didn't sell for assessed value!" It's like rolling your car and lighting it on fire and then complaining that you can't get KBB bluebook value when you sell it. That's not how it works. Assessed value is based off market price in the area, house size and lot size. Just because someone trashed it and refused to keep it up doesn't change the fact that in normal condition that house is worth more than assessed every day.

 

[Destro]

For failing to pay taxes on it? Or for committing some other illegal activity?

Seizing of property because one cannot pay taxes on it is inherently a flawed system.

Basing taxation off of an increasing value of an asset vs either a realized gain or based on an actual apportionment of the cost of services is also flawed.

If you spend and live above your means, one may end up in Chapter 7 and the government will seize non exempt property.

 

[firecadet613]

my thoughts, word for word. There's no reason that house couldn't have $50k put into it and sell for $300k.

Link from that same listing of what the house should look like:
https://www.realtor.com/realestateandhomes-detail/318-S-Main-St_Monticello_IN_47960_M48989-08880
Similar house, 1/3 the lot size but actually kept up.

That one I could do! I wouldn't even walk into the one @Timjoebillybob posted.

All of the states then in existence had property tax before communism was defined as a political theory. Several states had it at the time the Union was formed.

Got it. What's your proposed solution then?

Like I said, Feelings. That's how we determine it now.

I don't disagree that property tax should be criminal, but it isn't and we are in a really good position in the country. Of the states that pay less per year than us, only South Carolina and Tennessee are not below us in poverty level. The other 5 are Mississippi (#1 poverty), Alabama (#8), West Virginia (#6), Louisiana (#3), Arkansas (#7)
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View attachment 349898

The two states above us also have a booming tourism industry that eclipses us. Indiana is 24th in tourism, Tennessee is 11th and South Carolina is 7th. Alabama is the one really f'n up, poor as hell but 14th in tourism.

Get those FACTS out of this thread! How dare you. Feelings will get hurt!

 

[HoughMade]

Got it. What's your proposed solution then?

Elect people who will lower taxes or enact whatever policy you think is better. This is a political issue. Property taxes are constitutional. Ensure that valuations are accurate and there are mechanisms for that. No, the gvt. doesn't always win. In fact, they often lose.

 

[bobzilla]

Elect people who will lower taxes or enact whatever policy you think is better. This is a political issue. Property taxes are constitutional. Ensure that valuations are accurate and there are mechanisms for that. No, the gvt. doesn't always win. In fact, they often lose.

of everyone that I know that challenged an abnormally high assessment the .gov has not won a single time.

 

[firecadet613]

Elect people who will lower taxes or enact whatever policy you think is better. This is a political issue. Property taxes are constitutional. Ensure that valuations are accurate and there are mechanisms for that. No, the gvt. doesn't always win. In fact, they often lose.

Amen to that... you mean folks shouldn't just call into a radio show?!

For the record, I'm not a property tax complainer (even thought I'm one of the few on here who's had to pay 2%), but I might be an instigator here on INGO.

of everyone that I know that challenged an abnormally high assessment the .gov has not won a single time.

I wonder why so much butt hurt in this thread then? I've YET to have an assessment high enough to challenge...