Selling Homes at a New Price

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We’re following the conversation of property tax assessments increasing for many business owners and residents in Vigo County.

Today we sat down with those in local real estate to hear how some of these increases.

“It was just kind of a bummer,” broker associate with Gibson Real Estate, Carrie Smith said.

Smith is in the business of selling homes.

When she got her property assessment in the mail this week, her personal home assessment went up significantly. So she started doing some research on the homes she sells.

“I’ve seen subdivisions that have two separate parcels next door and one went up and one did not and there’s no difference in the age of the home or the specialty of the home, I don’t see where those two values came from,” she said.

When working with clients looking to buy or sell, budgeting for property tax is always a part of the discussion. Now, some conversations will change.

“If someone’s coming from out of town, they’re going to say, ‘hey, did I want to make that move to Terre Haute if my taxes are going to stay the same in a different county?” Smith said.

Smith does admit that the cost of living was low in Terre Haute before the assessments changed.

However, appraiser Kyle Shoultz says if a resident is seeing a 50 thousand dollar increase in their property assessment, they should contact an appraiser or broker to find market evidence on fair market value.

“I can”t tell you why something has jumped that much because an area may have been much and they’re trying to catch it up, but that’s way too much of an advancement,” Shoultz said.

Shoultz tells me the assessed value on his personal home is ten thousand above its market value.

“That’s fair. That’s pretty darn close for what a county has to do when they’re assessing a budget.”

Shoultz says it’s hard to give a general determination on how much an assessment increase will actually cost a tax payer. There are many financial factors that go into play.

Shoultz says he’s helped clients in the past if an assessment was off, He says they’ve had good luck in getting it reduced. He also says that you should call the county auditor if you want to know how much your assessment will cost.

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