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Old 05-19-2018, 08:52 AM
 
Location: Saint John, IN
10,638 posts, read 3,322,114 times
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Quote:
Originally Posted by 49erfan916 View Post
Even though they're may be a cap, your state will figure out how to get money from you one way or another. California has prop 13 but they introduced the FABULOUS mello roos shortly thereafter.
Depends on the state. As I previously posted, Indiana has a 1% cap on assessed value. The school did just purpose a referendum and was passed by the voters; however, my property taxes will still be BELOW 1% of my assessed value. How can they do this? Unlike s state such as Illinois, Indiana is fiscally sound and in the positive. We have income tax (however DH works in Chicago) but not good tax and overall COL is lower. Most people commute to Chicago yo earn higher wages since it’s so close. It’s a win win. Only negative on my opinion is the winters, but that’s the Midwest for ya!
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Old 05-19-2018, 10:29 AM
 
2,417 posts, read 1,324,226 times
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Quote:
Originally Posted by CGab View Post
Used to live in Illinois and left due to the taxes! We moved to Indiana where there is a property tax cap of 1% of assessed value. It is in the state constitution.
But if value rises 10% after the year, is your tax rises 10% as well?
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Old 05-19-2018, 11:49 AM
 
Location: Saint John, IN
10,638 posts, read 3,322,114 times
Reputation: 12748
Quote:
Originally Posted by Nn2036 View Post
But if value rises 10% after the year, is your tax rises 10% as well?
I suppose, but for example purposes using your analogy....

Say I have s $350k house. My property taxes would be CAPPED at $3500 annually. Doesn’t mean they’ll even be that high, but they would be capped at that. If property values raise 10%, then they would not go higher than $3850. That’s not bad for a house that costs almost $400k! Same house in Illinois would have annual property taxes of $11k and Illinois has no cap on property taxes as of yet and it will probably never happen because the state is in huge debt! At least where I’m at you can have lower COL and still work for higher wages in Chicago. I understand there’s states with even lower property taxes than where I’m at in Indiana (even in different counties in Indiana) but we have the advantage of being close enough to a state that gives higher wages.
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Old 05-19-2018, 12:15 PM
 
218 posts, read 69,606 times
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Quote:
Originally Posted by Nn2036 View Post
California has Prop 13 which capped at 3%.
Which proposition the legislature defeated four years later with the "invention" of Mello-Roos.
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