Indianapolis Real Estate News and Information from HomeToIndy.com

Indianapolis Property Taxes - A Homebuyers Story

2008-09-10T03:05:00-07:00

A Phone Call A recent phone call from a gentleman about the amount of real estate property tax he had to pay for the reconciliation bill in July made me think about what a mess this whole year has been for homeowners, both those who are buying and those who are selling. This particular person closed on his home in July 2007, a really bad month to close on a home in Indianapolis. Let me explain – Last July was the month the property taxes were stayed by the Governor. When tax bills were received last year, (late, I might add) there was an uproar from homeowners in Indianapolis. The tax paying citizens of Indianapolis marched at the Governor’s home over the July 4th Holiday last year and back then, I thought, what irony. It was Independence Day and we definately needed some independence from property taxes and their effect on our freedom to live in our homes without fear property taxes would be the final straw to break the proverbial camels back. A Recap The property tax bill received in July 2007 was for taxes due for the first half of 2006. The people thought their voice was heard when the Governor placed a stay on taxes at 2005 rates, so all propety could be reassessed. It was a temporary reprieve, backed by a promise of a rebate. So, everyone paid the bill at the new temporary rate. They again paid the “new, temporary” rate in November of 2007. Okay – now we got through that year, except - whoops – the new assessments are in and now the “REAL” bill will go out for the difference. This bill was the reconciliation bill (C-bill) everyone receievd in June of this year. Now, remember, this is a reconciliation of taxes for 2006, payable in 2007; actually paid in 2008. I’m really sorry if I have lost you by now. It’s almost unbelievale, except for this homebuyers story A Homebuyer's Story The gentleman who called me bought his home in July, 2007 about the time the original 2006 tax bills were sent out. For his home, the taxes were around $7000. semi-annually and he would have received a full year plus almost a month of tax credit……oh, about, a little over $14,000………..but taxes were stayed and instead he received a credit based on the previous years taxes (2005) of about $4000. semi-annually. Guess what happened to the other $6000.00? Yes, that is SIX THOUSAND DOLLARS. He received a nice little bill from the county for that amount, commonly known as the C-Bill. Now, here’s the problem – he DID NOT live in the home in 2006. Here it is 2008, and he is paying $6000.00 in taxes for a home he did not occupy at the time the taxes were accrued. When the Governor made this nice little concession for all the great taxpayers of Indianapolis, there were no guidelines to go by for determining what tax the buyer would face in the future – no, we didn’t receive those reassessments until June 2008. All we could do was go by the current certified taxes, which were wrong! Or guess at an amount which could be negotiated for future taxes. Let’s see, how does one negotiate an unknown amount, especially when we don’t know if the new amount will be different? What's Next Remember, it’s not over yet – oh yeah, we now have assessments and real dollar amounts, but we still don’t have May 2008 bill, which may come out in November,(I’m guessing after the election) then we will have to wait for the November tax bill, then we will have the May tax bill again, hopefully in May 2009. That will be three tax bills payable in a six month period. Talk about confusing – if you have your taxes escrowed and they are paid by your lender, please read this story. I’d love to hear your stories about how the property tax situation has affected you.

Are Your Exemptions Filed?

2007-10-21T03:37:00-07:00

I recently spoke with a homeowner who did not have their Homestead Exemptions filed. The impact on their taxes was $600.00 a year. Being in their third year of ownership, this simple process has cost them $1800.00. I don’t like paying more in taxes than I have to! When you sign your documents at the Title Company, you will receive the paperwork to file your Homestead Exemption. It is so easy to forget to go through the stack of papers and send in the document. Most buyers breath a sigh of relief, thankful they have made it to signing and now own their home. The Title Company recommends you send it in after you have made your first payment. The form actually has to be submitted by June 10th and you have to be the homeowner as of March 1st of the year you submit the application. Anytime you refinance or have a deed change, the paperwork must be resubmitted. You can find complete list of available exemptions in Indianapolis here. Download the forms you need or submit them online. Additional deductions are available for the following: MORTGAGE DEDUCTION DEDUCTION FOR PERSONS OVER AGE 65 OR SURVIVING SPOUSES DEDUCTION FOR BLIND OR DISABLED PERSONS TOTALLY DISABLED VETERAN PARTIALLY DISABLED VETERAN You can contact the Auditor’s office for information on additional deductions for the following: World War I Veteran or Spouse Solar Energy Wind Power Device Hydroelectric Power Device Geothermal Device Information Resource for other County Goverment Offices: Boone County Hamilton County Hendricks County Johnson County Hancock County

A Silver Lining for Property Taxes?

2007-08-09T12:28:00-07:00

Property Taxes in Indianapolis has been the subject of many articles, questions and water cooler converstaions. I have even cast my voice into the well of objective (okay, maybe not objective) opinions. My objectivity is clouded, not by my personal agenda, but, by what I see happening and how it has affected the advice I can provide my clients, as well as my ability to negotiate in the best interest of my clients. I wasn't going to write anymore about the tax situation.....then, I was asked recently if there is a silver lining in the property tax fiasco. I am generally conservative in my opinion of future events, especially when those events are left to the decisions of politicians who have failed to deliver on their promises. Yes, I believe there is a silver lining..... The sharp rise in property taxes has provided a sense of awareness among the community. While many have bemoaned their tax bill, many more have accepted the challenge to effect a difference in property taxes in Indianapolis and around the state. We, the people, have before us an opportunity to stand and be heard. It is the voices heard today which will create the change for tomorrow. It may not seem like much of a silver lining, however, the people spoke and have already effected a change. The Govenor has ordered a reassessment and the property tax has been stayed at last years rate. We should not be complacent in the meantime. We have the chance to make a difference in the future of property taxes in Indianapolis! Whether we can successfully abolish property taxes remains to be seen. I believe the outcome and outcry of this tax crisis will finally bring much needed reform to the process of assessments and the inequality of taxes paid by homeowners vs. businesses. While, I personally support the agenda of Advance America and believe every American should have the opportunity to own their home (without the threat of tax liens), I challenge every homeowner, future homeowner, Realtor, builder, contractor, investor and otherwise to let their voices be heard regarding their own opinion and resolution to the property tax debate.

Indianapolis Property Tax Rebates ~ Clear As Mud

2007-06-30T12:01:00-07:00

Dear Prospective Client: I must tell you up front there is a new form attached to the Indiana Residential Real Estate Contract I do not understand. Oh, I will try……..but even with these boots, I’m not sure I can trudge through the uncertainty of the current “new” form (2007 Property Tax Rebate Disclosure Form) I must have you sign. One thing is certain, I won’t be alone! By now, all the great citizens and taxpayers of Indianapolis have been made aware of property tax increases affecting homeowners. As a Realtor in Indianapolis, one of my obligations and required documentation I must have is a estimated costs sheet for buyers or an estimated net proceeds for sellers. Generally this is not too complicated, except for one little cost.....the tax rebate. The new form requires me to let you know about the possible rebate. The form acknowledges there may be some confusion and/or disagreement over which party (buyer or seller) should receive credit for the anticipated tax rebate. Okay – we are good so far………the amount should be able to be prorated or agreed upon at closing, just like taxes. Herein lies the problem: Homeowners will be required to pay the full amount of their 2007 tax bill A tax rebate is anticipated, but, not guaranteed The anticipated tax rebate amount is currently unknown The tax rebate will not be available for some time The rebate plan is contingent upon funding provided by the Property Tax Reduction Trust Fund The anticipated tax rebate will likely be mailed to the same person who received the property tax bill. Everyone of these “bulleted points” can be found in the Disclosure Form I now have to have you sign, indicating you have read and have been notified of the Indiana 2007 Property Tax Rebate Plan. It does not say you have to understand the rebate plan, only that you acknowledge there is one. Well, there’s kinda one…………. This becomes a source of frustration when trying to represent you, my client. While we know the amounts of the tax paid, how on earth do you negotiate an amount already paid, which may or may not be rebated and to whom it will be rebated? Our Indiana Association of Realtors has drafted this from for your benefit. It is the best we can do with the uncertainty surrounding the Tax Rebate. Sometimes all we can do is inform you. I am busy trying to figure out some answers. If you don’t hear from me soon….I held my breath too long! Search Indianapolis homes for sale and call me if you have questions about property taxes.

The Tax Man Cometh To Indy Pay Your Dues Or Get Out!

2007-03-07T11:42:00-07:00

The conclusion of last weeks General Assembly did not create relief for Indiana Home owners. Instead, some homeowners are burdened with exorbitant tax increases which threaten their ability to keep their home. Some simply will not be able to afford their homes any longer. But, alas, the tax man will be paid! There is a silver lining, though, in the form of a credit or rebate. About this time, you should be jumping up and down with joy just thinking about receiving a credit. But wait...... dont over-exert yourselves just yet- we don t know how much or when the credit will be given. This rebate is unlikely to make a dent in the real cost of property taxes. It certainly won t help those who struggle to make ends meet now. Consider what an extra $100. monthly could mean to someone on a fixed budget. Another concern is how the assessed values are calculated. I have current clients who are looking at homes. Some of these homes are assessed at $50,000 more than the listed price. One of my listings has an assessed value of $25,000. more than we have it listed for. If this is widespread, what will be the result for next year s assessments? My guess is, those rebate amounts will be adjusted. I have been told and believe one should not complain about a situation, unless you have a possible solution. So heres my 2 cents! First, I believe the State should redefine and regulate the way assessments are calculated. You can not just apply a number to a homes value without some documentation to back it up. Secondly, I think there needs to be some control and accountability on government spending. If homeowners are footing the bill, we should know where the additional tax is being spent. Third, whether you agree or not, is to simply raise the sales tax. By raising the sales tax, those who can afford luxury, pay more, those who can not, pay less. None of these solutions will provide relief for the persons who can not afford the increase. I anticipate we will see a resurgence of home foreclosures in Indianapolis on. Too many foreclosures will force property values down, which in turn, affects the amount of taxes collected. At the end of it all, we will be no better off! The taxes will be paid, though, whether by the homeowner or the bank that has to take the home back!

TAXING Times in Indianapolis – Property Taxes, That is!

2009-08-17T01:09:00-07:00

An email on Friday revealed the answer to the question many have been asking. When will the tax bills go out? Today the Indianapolis Star confirmed the property tax bills for Hendricks County will be mailed out this week. The time bomb – they will receive two bills; the spring bill and the fall bill will go out at the same time and all of 2008 taxes will have to be paid by November of this year. Johnson County residents will face the same fate. Marion County has not yet posted when they will have taxes certified for 2008. Hendricks County Spring Bill is due 9/18/2009 and the fall bill is due 11/20/2009. Johnson Counties’ due dates are 9/10/2009 and 11/10/2009. My search statistics prove homeowners are concerned about the tax issues. Search queries over the past few weeks indicate it is a hot topic. 3 of the top 5 searches on my Indianapolis Real Estate Blog are: hendricks county property tax indianapolis property tax indianapolis property taxes This is just for the last two weeks! Other search queries in the last two weeks: marion county indianapolis tax districts property taxes in indianapolis are indiana property taxes required to be paid through hendricks county indiana real estate taxes hendricks county property taxes indiana marion county real estate taxes indianapoli property taxes indianapolis average property tax values indianapolis property tax 2010 indianapolis real estate taxes marion county indianapolis tax rate marion county property tax estimator marion county tax districts mortgage exemption indianapolis property taxes property taxes 46227 property taxes by address greenwood indiana property taxes indianapolis in. real estate taxes hendricks county indiana real estate taxs in hendricks county indiana Counties across Indiana are cash strapped with tax bills falling behind since the reassessment ordered in mid 2007; after all the bills do have to be paid and services provided. Most homeowners are anticipating the news with trepidation. Now that they know they will have a full year of taxes due within the next three months, they have every right to be. I know – I know, the taxes had to be paid anyway, so we might as well get it over with. It’s not quite that easy for some people. Since the tax fiasco started in July 2007, homeowners aren’t the only ones who can’t keep up with the status of taxes owed. Homeowners who have a mortgage generally have their taxes kept in reserve, to be paid when the bill is submitted to their lender. Trouble is, lenders don’t know that the C-bill that went out in 2008 was for 2006 and only a make up bill or the bill we paid in July was a reconciliation bill for 2007. They pay what is submitted and since they are only allowed to keep a certain percentage in reserve, they send the overage back to the homeowner. I wrote about this here a while back. My daughter received another credit for her taxes in June when the reconciliation bill went out. Many homeowners have no clue exactly what the taxes are on their home or which year is currently due. They pay their mortgage and expect the money for taxes will be there when the tax bill comes in. If their mortgage company sent them a check for overages in their account and they didn’t stash it away for such a time as this, they will see a huge increase in their monthly payment. So what happens to the payment of a homeowner who doesn’t have enough in reserves to pay a full years taxes in the next few months?

Indianapolis Tax Estimator for Marion County

2008-10-28T08:43:00-07:00

Here’s a little knowledge about the tax bills which will soon hit our mailboxes. Remember, you will receive a tax bill for the first half of 2007 in a few weeks, best estimates indicate November 10th. We then expect the last half of 2007 tax bill to come out in January. By May 2009, we should be back to normal ( whatever is normal for Marion County Taxes) and will be paying for the first half of 2008, due, May 10th. In the meantime, check the estimated tax rate and dollar amounts at the Marion County Tax Estimator site. Here’s instructions for calculaing your estimated tax. The disclaimer is – the tax Estimator is a projection only and not a statement of true tax liability. This will give you an estimate of 2008, 2009, 2010 tax rates and dollars. Click the link in the center to check prior tax bils for a particular property. There is also a link for information about deductions you may qualify for, but the link doesn’t work, so go here to find out about deductions. First, choose your area, this is a bit more complicated than it appears, especially for certains areas. To find out exactly what your tax district is, locate your property by clicking on the link in the middle to view prior year taxes or go here. When you enter the information for your property, don’t be too specific – forget the streets and circles and boulevards; just use the basic; last name and address. When you receive your info – your results will show the tax district and assessed value, which you will need for the next step. Once you have the tax district and the assessed amount, enter any current deductions or expected deductions. Be sure to enter TOTAL assessed value (AV). Then you will receive the following data, which will provide you the estimated tax for 2008, 2009, and 2010. Remember, the 2009 tax rate will go down to 1.5% of assessed value and the 2010 tax rate will go down to 1.0% of assessed value. The tax amounts assume no change in assessed value. I’m not sure how realistic that is, but the assumption sure looks good in print. This would also be a good time to remind you to file your exemptions, if you have not done so.

Refinancing Your Indianapolis Home?

2009-01-17T00:28:00-07:00

Low interest rates have created an upsurge in the number of homeowners looking to refinance their homes. I don’t have an opinion either way, as I believe it is a personal financial decision everyone needs to make for themselves. Once you have considered the cost of title insurance, closing costs and lender costs; weigh the difference in monthly payments against the length of time you plan to stay in your home, it may make sense for some, while others may not fare as well. If you do decide to refinance your home, please be sure to file your mortgage exemptions again. There are some counties in and around Indianapolis where the title company will file the exemptions for you. Other counties, you are required to go file yourself. Make sure you know when you leave the title company whether they will be filing for you, or if you must do it yourself. Related articles: Are Your Tax Exemptions Filed Indianapolis Tax Estimator

Don't Cash That Check

2008-07-20T07:13:00-07:00

Another Repercussion of the Indianapolis Property Tax Issue We all love receiving an unexpected check in the mail. Usually, our first response is, “Great, a refund”. Well……….if you are one of the Indianapolis homeowners who recently received a bonus check from your mortgage company, don’t run to the bank to cash it until you know the repercussions of doing so. Here’s the deal – Our infamous Indianapolis property tax issue has created yet another payment balancing fiasco -this time for your mortgage company. You see, the C-bill or reconciliation bill recently mailed was also mailed to your mortgage company. Your mortgage company has no idea the bill was a reconciliation bill; they only know they have money set aside in an escrow account to pay your tax bill when it arrives. Their paperwork is computer generated and it is highly unlikely there is someone auditing your account – that is, unless you get behind in your payment. Real Life Example So, what’s happening – let me give you a real life example. My daughter called me two days ago to ask me if the check she received for $1500.00 was actually “hers”. She knows I have been trying to educate people about the property tax situation in Indianapolis for the last few years. She said her mortgage company sent her the check and her payment was recalculated at $200.00 less per month. Exciting, yes! Reality, NO! The mortgage company recently paid her $200.00 reconciliation bill as if it were her first half taxes. Her first half taxes are normally $1200.00. The computer did what it is programmed to do; kicked out a refund and reset the monthly payment. Yes, she can cash the check, but what will happen. In a few months, when the actual property tax bill comes out, there will be no money in her escrow account for the mortgage company to pay the bill. They WILL pay the bill, because they don’t want a tax lien on the home, but next year, when the computer realizes there is not enough money, they will charge her double or she will have to pay the shortage to keep her payment at the current amount. By the time the second half taxes have been mailed out, she will owe about $2500.00, just to keep her payment the same as it was before the reconciliation bill. What To Do With The Check You will probably have a difficult time explaining the situation to someone at the mortgage company. Heck – I can’t even explain it so it makes sense. My suggestion to my daughter was to either send the check back as a credit to her escrow account, which may or may not work. Mortgage companies are only allowed to keep a certain amount in an escrow account. You may be able to work something out with your mortgage company. If that doesn’t work, I told her to send the additional amount in her payment each month and make sure it is applied to her escrow account. Instead of paying the current $900.00 payment – she should continue to pay $1100.00, as she always has. If not, next year her payment will probably go up to about $1500.00 for a year, until she has paid the back taxes. Her mortgage company will recalculate the difference twice – once for the next years taxes and once for the back taxes owed to her escrow account. This solution still may not solve the problem, though. Our May tax bills should be out in the next few months, then the November tax bills will be late. Hopefully, she will have enough in her escrow account, so the computer doesn’t kick out another “alert”. My prediction is, it will continue to be an accounting nightmare for mortgage companies and homeowners until 2012, when we finally get to the 1% cap on property taxes. At that point, it will probably turn into an Assessors nightmare, but that’s a story for another time. Please note, this only applies to Indianapolis residents in Marion County, not all of the Metropolitan Indianapolis area. Here's some links for to help answer questions you may have about property taxes. Marion County Tax Estimator Citizens Guide to Property Taxes Related Posts: Indianapolis Property Tax C-bill Your New Mortgage Payment

Your New Mortgage Payment Info

2009-08-19T01:04:00-07:00

What happens to your mortgage payment when the taxes change? We’ll look at my daughter’s changes over the last 18 months. In 2008 when the Indianapolis property tax C-bill came out ( the final bill for 2006), it was much less than the normal tax bill. Since taxes were behind, my daughters lender assumed her taxes had changed and sent her a check for the overage in her reserve account. Mortgage companies are only allowed to keep a maximum amount in reserves. When the next tax bill came out, the lender paid the taxes, but there wasn’t enough in her account, so her payment increased to $1240.00. She paid that until last month when the reconciliation bill came out. The computer which tracks such things calculates her payment again decides she has too much in reserves and kicks back a check. Now she has two months reserves on a lower amount. The bank is taking an average of $700.00 every six months out; except her taxes are $1200.00 semi-annually. By September, when her taxes are due she will have about $520.00 in reserves. Her taxes will be $1200.00 in September and another $1200.00 in November. Her account will be $4100.00 in arrears by the end of the year. The mortgage company will recalculate and she will be given the opportunity to make up the difference or add it to her monthly payment. In addition to the $4100.00, the bank will add another $500.00 semi-annually or $1000.00 to make up the difference between what they are currently taking in reserves and what the actual tax is. Remember the actual tax is $1200.00, but the bank is only collecting on the amount of the most recent tax bill; $700.00. $5100.00 divided by 12 months = $430.00 a month, which means her $1100.00 payment will now be $1530.00 for one year. This is a huge difference and will be a difficult task for many homeowners in the coming months. I would love to hear from homeowners whose tax amount have affected their housing payment and their lives.

Indianapolis Property Taxes - A Question

2008-09-09T17:36:00-07:00

This is a week of tax questions. If you have been a reader here for any time at all, you know the Indianapolis property tax issue is a favorite of mine The following question came from someone who is starting their search for a home in Avon a city just west of Indianapolis. I love working with people who really do their research and am happy to help people with their real estate questions The question: We're getting ready to look at some properties in Indianapolis (actually, more towards Avon) and I'm having trouble finding what the property tax is to calculate into my estimated payment. Could you help me out with that? Of course, I am happy to help – here’s my answer: In Indiana, there are currently no set taxes, as in a percentage. Each city determines their budget needs, then applies property tax based on the needs of government for that particular year, by applying a percentage to the assessed value. Currently, in Avon, property taxes average 1.5-2.0% of assessed value. Assessed value is usually fairly close to actual value, then we have specific exemptions for homeowners who meet criteria for those exemptions. The standard (most common) exemptions are Homestead (owner occupied) and Mortgage, which together equal $48,000 or 50% of the property's assessed value, whichever is less. It plays out something like this. A $200,000 home in Avon with an assessed value of the same, with a mortgage exemption and homestead exemption filed, at a rate of 1.75% would pay $1330.00 semi-annually. Assessed value - $200,000 (minus) Mortgage Exemption - $3,000 (minus) Homestead Exemption - $45,000 Equals - $152,000 X 1.75 =$2660.00/2 = $1330.00 The same home without the exemptions filed would pay $1750. semi annually. The peculiarity of our taxes are, they are paid in arrears, so the taxes due in November will be for taxes assessed for the last half of last year. A buyer who was purchasing a home today would receive a tax credit from the seller for the last half of last year and all of 2008 taxes due, up to the date of close. In this case, it would equal about $3192.00. Then the buyer would be responsible for any future taxes from the date of closing. In March, legislation was passed to lower taxes in the State of Indiana and those new rates will be effective for the year 2009, payable in 2010. For 2009 taxes, payable in 2010, the maximum rate for owner occupied homes will be 1.5%. In 2010, payable in 2011, taxes will be capped at 1.0% for owner occupied homes. Whether they will keep the exemptions in place when the rate is capped has yet to be determined. If they do, it will be a bonus. By 2010, the same $200,000 home (with exemptions) will pay $760.00 semi-annually. Without the exemptions, it will be $1000.00 semi-annually. **Update** January 2011 Although exemptions are still in place, they do not have an impact on reducing the assessed value.

Time to Pay Up - Indianapolis Real Estate Taxes - C-Bill Due

2008-06-13T18:39:00-07:00

The time has come for the homeowners in Indianapolis to realize the effect of the “stay” on taxes ordered last year by Governor Daniels. Almost one year ago, the uproar over tax bills could be heard throughout the city of Indianapolis as homeowner after homeowner opened their 2006 tax bill. Trending had reached into the pocketbooks of most real property owners, from residential to businesses. Quickly, we were given a stay on taxes at the previous years rates, while all properties in Indianapolis were reassessed. Let me tell you, it was NOT the assessment which was the problem – it is the tax rate. It was never more evident than the closing I attended today on behalf of my clients. Should we have closed last week on their home, we would not have known how much the C bill would be. However, this week, they have been certified and sent out, meaning the tax is DUE. Not only is the C bill now due – the new tax amount changed in this instance. What did this mean to my client and the new buyer? The taxes my client paid for 2006, due in 2007 was $1018.00 semi-annually. The reassessment did not change the assessed value. Now, their actual taxes, (after a year long wait for reassessment), amounts to $2334.00 semi-annually. The same as it was last year when the original bill came out. Based on their tax rate before the C bill, their tax credit to the buyer would have been roughly $3054.00. The amount they actually credited the buyer for taxes was $9630.00. Let me break it down for you? They paid the C-Bill = $2631.00 – The C-bill was the additional amount needed to cover all of 2006 taxes, payable in 2007. Divided by two, it equals $1315.00 per half. The original tax amount = $1018.00 x 3(halves) New tax bill equals an additional $1315.00 x 3(halves) Plus the C-bill of $2631.00 A grand total of $9630.00 The figures are not exact! For easy math, I rounded it out to equal 3 semi-annual payments. Since we pay taxes in arrears, my clients owe for all taxes due in 2007 and until June 13th for 2008. I figured the amounts until June 30th. Lest you think my clients sold a million dollar home with a view of Eagle Creek or an estate in Meridian Kessler, their gross assessed value was $123,300 and an adjusted net value of $85,300. What changed? The tax rate. Their tax rate was 5.47%, an increase of 4.28%. Every homeowner will be receiving their C bill in the mail, beginning yesterday. I expect many in Indianapolis will be shocked to find the amount they now owe. To be fair, I have heard many will not see an increase or have a balance on their C bill. I’ll wait to see if it is true. One thing I do know, many home sellers in the Indianapolis area with increases such as my clients experienced will not be able to sell their homes; they can not afford to bring the additional amount needed to close on their home. There will also be buyers who will now not qualify for their payment, based on the new tax amount. I sincerely hope we see an end to the tax crisis here in Indianapolis when the 1% cap takes effect in 2010. Remember, though, it is a 1% tax rate cap on the assessed values. Hopefully, we won't see the assessed values suddenly increase. Just a thought! Related Articles: Silver Lining for Property Taxes Indianapolis Property Taxes Property Tax Rebates The Tax Man Cometh