Skip To Content

Property Assessments…Oh My!

There have been a LOT of questions since the Clark County assessments came out and many people have reached out, so I wanted to dig in a little deeper today to maybe bring clarity on the assessments and how it affects us.

-What is my assessment?
In the residential world, the assessment is the amount the county deems is the assessed value of your property that the county will base your tax bill off of.  When the assessment goes up, taxes typically go up, if assessment goes down, taxes may go down, this depends on the tax rate which we will know closer to time the bills come out next spring.

-Why the large increase in  assessment this year?
Appreciation. Clark county is experiencing historical growth, just last night another 400+ housing units were approved in Jeff with many more needed.
Did you make a significant capital improvement? Pool, garage, barn,etc
Maybe your assessment was just simply low and you’ve been paying a lower tax bill and its simply time that it corrects to around where it should be. Be grateful for the savings the previous years!

-How are my property taxes calculated based on the assessment?
Residential homes you live in are taxed at tax rate (varies by town to town)then the state of IN has a cap of 1% of assessed value. Ex $200k assessment, cap $2,000.
If you own a rental property, the cap is 2%.

-Will this affect my mortgage payment?
If your  assessment increased $12,000 and you escrow your taxes, your taxes should increase by $120/year which is an increase of $10/month on your mortgage payment.
May not sound like a lot, what if your assessment increased by $36,000? thats $30 a month.
It all adds up…

-Will this affect my rental payment?
Yes it could. If the  assessment increased $12,000, that equates to $20/ month increase to the owner which will likely result in increased rent. May not sound like a lot, what if the assessment increased by $36,000? Thats $60 a month due to the 2% cap.

-Is this what I could sell my home for?
Maybe but not necessarily. There is no exact science to it and it is not an appraisal nor a CMA by an agent, simply the assessment by the county.

-What if its too high? More than what my home is worth?
Let me take a look at the market and see if it would be worth appealing. We only have 45 days.

-What if it is too low? 
Don’t do anything unless you WANT to pay more taxes!:)

-How much it cost to appeal?
No charge by the county to appeal nor The Paxton Group to review and assist in the event we do appeal.

-What can you do? 
The MOST important thing to do regardless if your assessment changed is to check to make sure you have your exemptions on file.

If you are curious if all your applicable exemptions are on file with the county, let me know and I would be happy to review it for you.

Who knows, you could save a small fortune!


*Want more information? Check out Todd’s Facebook Live video that also touches on property assessments! As always, we’re here to help!*

Trackback from your site.

Leave a Reply