From the Terre Haute Tribune-Star:
Vigo County’s assessed value for real property has dropped more than $300 million, or 7.5 percent, with the largest drop hitting the city of Terre Haute.
The city — which includes Harrison Township, Terre Haute Honey Creek Township, Terre Haute Lost Creek Township, Terre Haute Otter Creek Township and Terre Haute Riley Township — accounted for more than 80 percent of the decrease.
Terre Haute Lost Creek and Terre Haute Otter Creek had assessed values increase 3.7 percent and 6.5 percent respectively, but Terre Haute Honey Creek dropped 32.7 percent, or more than $84.8 million in assessed value. Harrison Township fell more than $170 million in assessed value, an 11.68-percent drop. Terre Haute Riley dropped 17 percent, or $986,055 in assessed value.
Such a drop in assessed value could result in the city having between $2 million and $3 million less in revenue next year, said Vigo County Auditor Tim Seprodi.
New state property trending values resulted in much of the lower assessed values. With a lower 2012 assessed value for properties, tax rates will likely increase for tax bills calculated for 2013, the auditor said.
However, whether that translates into higher tax payments for homeowners, apartment owners or businesses will not be known until spring next year when the Indiana Department of Local Government Finance finalizes tax rates and tax bills are prepared, Seprodi said. The county was among the last in the state to get its assessed values certified.
“Taxpayers will see an increase in tax rates, and some may see an increase in taxes even though their assessed values dropped,” Seprodi said.
The increases may likely push more taxpayers closer to or at state property tax cap limits, the auditor said.
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See the full article here:
http://tribstar.com/local/x1752045205/Terre-Haute-sees-big-assessed-value-drop
