Assessments Soar For Homes But Barely Budge for Commercial Properties

Katherine McKinney of 6362 Oxbow Way is assessed a 65% increase from 2005 to 2006.

The McKinney Story

The same poor economic reasoning that lead Flordia and Detroit real estate markets to collapse is now being applied in Indianapolis. Despite the lessons learned around the country from the false overvaluing and heavy taxation of property, officials have been burdening home owners with outrageous bills that don't reflect economic reality.

Increases on assessed property values and rising millage rates are causing everyone from teachers to corporate executives to worry about losing their homes in foreclosures.

This article fails to point out that not only did the assessed value of the McKinney property increase, but the tax rate doubled, leading to a 130%+ increase in her tax bill!

Meanwhile, banks are forced to demand immediate deposits to underfunded escrow accoutns for last year's shortfalls based on the previous year's estimates. While that money is due immediately, mortgage payments also rise -- sometimes by over a thousand dollars a month. Anyone who cannot pay up is is at risk for losing their home.