Some areas in Indiana are recording declining values in residential properties, as well as private homes. In Howard County, homeowners are soon to receive notices that the assessed worth of their homes have declined. Local officials have declared that because of the value decline, homeowners should expect a rise in property taxes for 2011.
The drop in the value of most properties in the area is largely attributed to the housing market crisis which affected almost all parts of the state. As an example, Fort Wayne foreclosure auctions continue to offer a huge number of foreclosed dwellings. This trend is the same in almost all areas of the state.
Howard County has not been spared from the impact of the escalating number of foreclosed homes being sold in home auctions in Indiana. According to local government officials, the gross value of the county is expected to decline to $4.8 billion in 2009 from $5 billion in 2008. Taxes for the 2009 assessment are scheduled for payment in 2010. For 2011, officials are expecting a $200 million decline, which still does not include tax exemptions for certain properties.
The decrease affects all types of homes, including private and federal properties. The average drop is estimated at 3.5% across the county, although some areas will have a higher or a lower drop depending on agricultural acreage. Base rate for agricultural land has risen by 47% within four years, officials have reported.
Howard County homeowners are scheduled to receive notices revealing the assessed values of their properties. They will be given until August 30 to appeal the assessment should they find any reason that an appeal is necessary. Local tax officials have stated that there will likely be a number of appeals, particularly as residents' pockets are being affected by the recession and the huge number of bank foreclosed homes for sale in the state.
Officials are readying themselves for potential appeals and have stated that such appeals should be filed within the given period which is before local tax offices formulate 2011 budgets and before tax rates for private and federal properties are set by the Indiana Department of Local Government Finance.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites