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I will start off this (admittedly long) thread by first saying, Indianapolis has me completely intrigued. I have some unknown fixation on this city, and I can't really explain it, all I can say is that I am nearly positive that I want to live here. I currently live in Connecticut, which was recently given the ever-so-prestigious title of "The most expensive place to live" in the 48 landlocked states. That being said, in my 20's, I do not currently own the place that I reside in and I am looking for a less expensive place to live. My skill-set allows me to work pretty much anywhere, so I am not worried about finding employment, and I understand I probably won't bring home the $55K a year I make here.
All of that being said, I am looking to relocate and Indianapolis has caught my eye. I am not currently interested in buying without living in the city first, but I do have various questions.
First, most pressing question: I was reading on some forums and someone wrote that the mill rate for Indianapolis is OVER 100 points? Is this true? Is that the value that is charged against all property? Where I live, I pay taxes on my vehicle yearly, and home owners pay yearly taxes of the same rate on their houses. It is about 35 points here, or $35 per $1000 of assumed value. That puts on the homeowner on the line for $3500 for every $100,000 that their home is worth, in a place where house values regularly go above $200,000. I am 100% not interested in paying 1/5th of my yearly salary in additional taxes. If anyone is a resident of Indianapolis proper (or suburbs, Avon, Carmel, etc) can you please help me understand the effective tax rate on motor vehicles (if you have one taxes on those yearly) and housing? I'd rather settle down in the next few years, so it will become a huge deal to me in the future.
Second, how is the local economy? Is the unemployment rate high? Are people fighting for whatever jobs open up in the area? Are there certain industries that you can think of off the top of your head that are under-served and over-served?
Third, is the "east end" really as bad as all of the conjecture I read states? What exactly is the "east end" coming from an outsider? Is it a certain point in Indianapolis where everything goes to hell, or is it a natural boundary and everything east of it just isn't great?
Thanks in advance guys, and maybe I'll join your ranks soon!
First, most pressing question: I was reading on some forums and someone wrote that the mill rate for Indianapolis is OVER 100 points? Is this true? Is that the value that is charged against all property? Where I live, I pay taxes on my vehicle yearly, and home owners pay yearly taxes of the same rate on their houses. It is about 35 points here, or $35 per $1000 of assumed value. That puts on the homeowner on the line for $3500 for every $100,000 that their home is worth, in a place where house values regularly go above $200,000. I am 100% not interested in paying 1/5th of my yearly salary in additional taxes. If anyone is a resident of Indianapolis proper (or suburbs, Avon, Carmel, etc) can you please help me understand the effective tax rate on motor vehicles (if you have one taxes on those yearly) and housing? I'd rather settle down in the next few years, so it will become a huge deal to me in the future.
Property taxes on houses are capped at 1% of the assessed value in Indiana. A house assessed at $200,000 will have proprty taxes no higher than $2000 annual.
Quote:
Originally Posted by davepergola
Second, how is the local economy? Is the unemployment rate high? Are people fighting for whatever jobs open up in the area? Are there certain industries that you can think of off the top of your head that are under-served and over-served?
I think the unemployment rate in Indianapolis is around 8%. I know an engineer that just got a job after looking for 3 years. He is the only person I know that was unemployed for a long time though.
Quote:
Originally Posted by davepergola
Third, is the "east end" really as bad as all of the conjecture I read states? What exactly is the "east end" coming from an outsider? Is it a certain point in Indianapolis where everything goes to hell, or is it a natural boundary and everything east of it just isn't great?
Thanks in advance guys, and maybe I'll join your ranks soon!
The east side has some rough areas, but the entire east side is not bad. It is easy to pick on, and because this forum is driven by people in the 'burbs, the east side is an easy target. If you are looking for a pristine suburban experience, the east side is not the place to look regardless.
Property taxes on houses are capped at 1% of the assessed value in Indiana. A house assessed at $200,000 will have proprty taxes no higher than $2000 annual.
That's pretty fantastic news. Any idea on motor vehicle tax? Does it exist, or do you only pay at the time of sale?
Quote:
Originally Posted by Toxic Toast
I think the unemployment rate in Indianapolis is around 8%. I know an engineer that just got a job after looking for 3 years. He is the only person I know that was unemployed for a long time though.
That's a shame, as that would be my target job, haha. I do CAD/CAM, Engineering, Inside Sales, Management and have a few other items under my belt.
Quote:
Originally Posted by Toxic Toast
The east side has some rough areas, but the entire east side is not bad. It is easy to pick on, and because this forum is driven by people in the 'burbs, the east side is an easy target. If you are looking for a pristine suburban experience, the east side is not the place to look regardless.
Are there currently any individuals or companies buying up property left and right in the east end? Anyone attempting entire neighborhood rehabs to your knowledge?
That's pretty fantastic news. Any idea on motor vehicle tax? Does it exist, or do you only pay at the time of sale?
That's a shame, as that would be my target job, haha. I do CAD/CAM, Engineering, Inside Sales, Management and have a few other items under my belt.
Are there currently any individuals or companies buying up property left and right in the east end? Anyone attempting entire neighborhood rehabs to your knowledge?
There is the whole East Side revitalization project driven by the Legacy Project for Super Bowl 46.
Alot of the revitalization on the east side is due in part to Indy hosting Super Bowl 46.
Indy also did such a good job with Super Bowl 46 we are going to bid for Super Bowl 52 or 53.
That's pretty fantastic news. Any idea on motor vehicle tax? Does it exist, or do you only pay at the time of sale?
Are there currently any individuals or companies buying up property left and right in the east end? Anyone attempting entire neighborhood rehabs to your knowledge?
As far as motor vehicles, I think you are taxed annually when you renew your plates. It is based on the value of the car, so it tends to drop annually. I don't really know the specifics on rates; I drive an older car and my plates generally cost around $50 annual.
St. Clair Place is the neighborhood being fixed up from the Super Bowl. They are attempting a full scale rehab of the neighborhood. It is not really "the whole near east side," it is just the one neighborhood.
Whether or not this translates into long term success; I don't know. It is a slow process for sure.
The neighborhood I live in, Englewood, is a neighborhood where they are trying to rehab houses as well. Oxford and Gray have seen some help, but Dearborn Street is far and away the strongest.
Irvington further east is in the midst of a streetscape project, which will do a lot for the area.
Automobile taxes aren't really flat in Indiana and vary depending on what county you live in. Most counties have an excise tax and some have additional taxes. When I lived up north in Elkhart county, they had a tire tax on top of the excise tax. Hamilton County, which is the northern suburbs of Indianapolis (Fishers, Carmel, Noblesville, etc) just has the excise tax. If you live in Marion County, which includes all of the city of Indianapolis, you will pay an additional surtax on top of that. You can get a rough estimate of how much your registration will cost here https://myweb.in.gov/BMV/mybmv/Quick...QuoteHome.aspx
Remember, that's a very rough estimate and may be more or less than you actually have to pay. One thing you don't have to do in Indiana (except I think Lake & Porter counties up by Chicago) is have an emission test on your car. I know parts of the northeast require that, not sure if CT is one of those areas.
Automobile taxes aren't really flat in Indiana and vary depending on what county you live in. Most counties have an excise tax and some have additional taxes. When I lived up north in Elkhart county, they had a tire tax on top of the excise tax. Hamilton County, which is the northern suburbs of Indianapolis (Fishers, Carmel, Noblesville, etc) just has the excise tax. If you live in Marion County, which includes all of the city of Indianapolis, you will pay an additional surtax on top of that. You can get a rough estimate of how much your registration will cost here https://myweb.in.gov/BMV/mybmv/Quick...QuoteHome.aspx
Remember, that's a very rough estimate and may be more or less than you actually have to pay. One thing you don't have to do in Indiana (except I think Lake & Porter counties up by Chicago) is have an emission test on your car. I know parts of the northeast require that, not sure if CT is one of those areas.
Thanks for that - According to this, my rough estimate would be $200, which is pretty cheap compared to what I am used to. Do you guys have to register yearly or bi-yearly?
Thanks everyone for the input so far, I am grateful.
Once per year based on the first letter of the last name that is on the registration. My last name starts with so my registration is due on May 21st each year. Though the fees and taxes are based on the county you live in, you can go to any license branch in the state.
I will start off this (admittedly long) thread by first saying, Indianapolis has me completely intrigued. I have some unknown fixation on this city, and I can't really explain it, all I can say is that I am nearly positive that I want to live here. I currently live in Connecticut, which was recently given the ever-so-prestigious title of "The most expensive place to live" in the 48 landlocked states. That being said, in my 20's, I do not currently own the place that I reside in and I am looking for a less expensive place to live. My skill-set allows me to work pretty much anywhere, so I am not worried about finding employment, and I understand I probably won't bring home the $55K a year I make here.
All of that being said, I am looking to relocate and Indianapolis has caught my eye. I am not currently interested in buying without living in the city first, but I do have various questions.
First, most pressing question: I was reading on some forums and someone wrote that the mill rate for Indianapolis is OVER 100 points? Is this true? Is that the value that is charged against all property? Where I live, I pay taxes on my vehicle yearly, and home owners pay yearly taxes of the same rate on their houses. It is about 35 points here, or $35 per $1000 of assumed value. That puts on the homeowner on the line for $3500 for every $100,000 that their home is worth, in a place where house values regularly go above $200,000. I am 100% not interested in paying 1/5th of my yearly salary in additional taxes. If anyone is a resident of Indianapolis proper (or suburbs, Avon, Carmel, etc) can you please help me understand the effective tax rate on motor vehicles (if you have one taxes on those yearly) and housing? I'd rather settle down in the next few years, so it will become a huge deal to me in the future.
Second, how is the local economy? Is the unemployment rate high? Are people fighting for whatever jobs open up in the area? Are there certain industries that you can think of off the top of your head that are under-served and over-served?
Third, is the "east end" really as bad as all of the conjecture I read states? What exactly is the "east end" coming from an outsider? Is it a certain point in Indianapolis where everything goes to hell, or is it a natural boundary and everything east of it just isn't great?
Thanks in advance guys, and maybe I'll join your ranks soon!
Keep looking, nothing to see here; there are better areas to relocate to.
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