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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (38756)	8/22/2005 8:18:24 AM
From: Oblomov	Read Replies (1) \| Respond to of 306849

Yes. There were some massive changes to the property tax structure here a few years ago. At one time, the annual tax due was based on the original sale price of the house. This was successfully challenged in court, and it was replaced with a system based on market value. So, many older homeowners are now simply screwed as their neighborhoods get gentrified. My own (older urban neighborhood) taxes doubled, people a few streets over from me had their taxes increase by 5x or more, while those of my suburban friends actually fell. I'm planning to go to the sale. Indiana has rather favorable statutory rates. And unlike other states that have a "bid-down" system, Indiana pays 10%/year return on any overbid. There's almost no chance of actually getting the deed at these sales, because most houses have a mortgagor that will pay off the lien. But what better way to make an "investor" pay for their foolishness?