Why do people think the personal property tax cap is a great idea? Why are our legislators working so hard on this?
This tax cap will be meaningless due to the fact that assessors can still raise the assessed value of your home and still get whatever dollars they want out of our pockets.
My 18-year-old house has never had a reduced assessment since I have lived here. In fact, when everything says real home values are going down, my last assessment went up several thousand dollars. Yes, you can complain to the assessor, but since there is no law that says what or how your home is assessed, you are at your assessor's mercy.
Sure you can compare your house to others, but you can bet your bippy they went up also. I really have to say assessors value your homes with the towns', cities' and townships' budgets already in their hands.
As far as I'm concerned, legislators are wasting time trying to control soaring property taxes by putting a cap on the personal property tax percentage rate without closing the loopholes in the rest of the process.
I don't care what they do about personal property taxes; it is the most hated tax in Indiana there is. You don't hear a lot about sales tax, excise tax or county earned wage tax, but I don't think I have ever heard anyone ever say the tax on your home and property is a fair and good tax.