Okay, we dodged a bullet, for now. Governor Mitch Daniels has frozen Marion County taxes back to 2006 levels until approximately mid-2008. During this period a new re-assessment has been ordered, including businesses, which were admitted by the assessors as not be properly assessed. If businesses ARE properly reassessed, it would stand to reason that residential property taxes will go down, however most experts believe that they will only drop by about 25%, still leaving some big increases in property taxes.
If you are selling your house now, there are a lot of questions educated buyers have, which are keeping them on the sidelines until some finality is announced and for good reason. Many buyers, however are still in the market to buy new homes in Marion County and are taking a big risk at having to pay significantly higher taxes.
The real estate market in Indy is still far from 2005 booming standards with 22.6 months worth of inventory on the market and sluggish showing activity, however Indy has been selected by several industry experts as being the 2nd fastest major metro market to recover from this correction, second only to Austin, TX. This is excellent news!!
With a tightening in the lending industry to keep buyers out of the market who shouldn't be buying a house at this time. If you have good credit and at least 3-5% down payment, the tightening of the lending industry will not affect you at all.
Experts predict that our market will notice a positive change in the real estate market sometime next year and that is good news for everyone!
For more real estate resources, visit our website at: www.Welcome2Indy.com
