The slump in the housing and real estate market values may have an
adverse effect on county government in the coming years say officials in the
county assessor and auditor offices.
Both offices are in the process of finalizing the 2012 assessed
and net certified values which will show up on property taxpayers’ 2013 bills
released next spring, but the early figures from County Assessor Jon Snyder
estimate the county’s total assessed value will be about $13.1 billion compared
to $13.4 billion in 2011, a drop of $360 million or 2.7 percent.
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Snyder said his office submitted real property assessed figures to
the Indiana Department of Local Government Finance on July 2 and personal
property figures on July 10, one of the first five counties in the state to do
so and is ahead of the curve with on-time billing ahead of last year.
County Auditor Bob Wichlinski said he expects to have the net
assessed values figured by next week’s Aug. 1 deadline, which will then be sent
to the state for further evaluation. He said it is too early to say what the
official figures will be since the state has the power to set the final 2013
budgets and the tax rates, which are not due until February.
The largest AV dips occurred in the county’s two biggest
municipalities. Portage City’s AV dropped nearly $120 million according to
unofficial figures, going from $2,299,319,564 in 2011 to $2,179,439,915 in 2012.
Valparaiso saw a similar decline, going from $2,516,432,730 in 2011 to
$2,404,617,110 in 2012, a difference of about $112 million, the unofficial
figures suggest.
But not all of the county’s 29 taxing units are projected to see
their AVs decline. Thirteen could see increases.
The taxing unit with the largest AV growth according to early
figures was in Duneland. Thanks to the new $210 million hospital on the corner
of Ind. 49 and U.S. 6, Liberty Twp. saw the biggest jump in AV of about $39
million. Behind it coming in with the second and third largest AV increases were
two more Duneland units, Beverly Shores with an increase of $14.9 million and
the Town of Porter with a rise of $13.6 million.
From Duneland’s 12 taxing units, only four showed decreased AV
results in the assessor’s unofficial figures. Those were Chesterton-Westchester
(-$47.8 million, a 5.4 percent drop) Jackson Township (-$18.4 million, a 3.3
percent drop), Westchester Township (-$17.7 million, a 10.7 percent drop) and
Chesterton-Jackson (-$4 million, a 10.6 percent drop).
The other Duneland units showing increased AV values were Burns
Harbor (+$6.9 million), Pine-Duneland School District (+$3.4 million),
Chesterton-Liberty (+$2.4 million), the Town of Pines (+$1.5 million) and Dune
Acres (+$832,800).
The three Chesterton taxing units combined showed a negative
difference of $49.4 million in unofficial figures.
Other notable decreases throughout the county include a $49.2
million drop in Center Township’s unofficial 2012 AV, a $38 million drop in
Ogden Dunes, and a $37.5 million drop in Porter Township.
AV increases were seen in the taxing units of
Valparaiso-Washington Twp. (+$10.9 million), Pine- Michigan City School District
(+$10.6 million) and Hebron (+$8 million).
The new figures come from the most recent countywide reassessment
which was completed by Snyder’s office this year in accordance with the state’s
March 1 deadline.
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Snyder said his office expects to mail out the final assessment
figures to taxpayers in early October, about the same time as last year.
Taxpayers who wish to appeal their values then have 45 days to do so, he said.
Lower assessed valuation generally drives tax rates higher, while
higher AV totals tend to drive tax rates lower.
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Higher tax rates will cause more properties to hit the state tax
cap circuit breakers: One percent cap for owner-occupied residential properties,
two percent for multi-family dwellings and agricultural land, and three percent
for commercial property or other real property.
Wichlinski said whether a property is located within a tax
increment finance (TIF) district or a conservancy district is another reason a
tax bill may go up or down.
Property owners in the Duneland School Corporation can expect to
see an additional item on their 2013 bill with the passing of the corporation’s
referendum to increase the property tax by 22 cents per $100 of assessed value,
Wichlinski said.
