Tuesday, May 27, 2014

Times Reports Porter County Assessor Finds Property Values Rising

From the Northwest Indiana Times:

Property values are on their way back up in the county for the first time in several years, Porter County Assessor Jon Snyder said.
An early glimpse of the county's newly calculated property tax assessments, which are on track to be mailed out to taxpayers in the middle of July, show an average increase of about 5 percent, Snyder said.
While many may hear this news and assume their 2015 tax bills will be going up as well, Snyder said that is not necessarily the case.
If local units of government hold the line on spending, a higher assessed value would result in lower tax rates, Snyder said. This generally does not happen so neatly, he said, but any increases in tax bills should still amount to less than the changes in property values.
Group that will pay more are those who approved tax increase referendums for their school districts, Snyder said. This is the case because the taxes are based on a percentage of the assessed value and are outside the tax caps.
Snyder said the increase in assessed values is being fueled by new home construction, which is the hottest part of the market right now.
"They're selling fast," he said.