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Old 04-01-2018, 12:20 PM
 
Location: Saint John, IN
11,584 posts, read 5,897,836 times
Reputation: 14778

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I just pulled the tax bill for that property (anyone can look up the Property Pin by the address, then pull the bill) and I don't see any deductions such as Homestead, Mortgage and Standard. That can make a HUGE difference! Why didn't the current homeowners apply? Who knows? Maybe it's a second property for them? At any rate, if you were to purchase that home as owner occupied primary home, then property taxes would be much lower with the added exemptions and capped at 1% of assessed value. I just pulled my bill, I'm in Lake County but my bill only went up $100 from last year. Property taxes are capped in Indiana and it is in our constitution.

****From my tax bill...Property taxes are constitutionally capped at 1% of property value for homesteads (owner-occupied), 2% for other residential property and farmland, and 3% for all other property. Please note that local government unit annual budget notices are now available online at www.budgetnotices.in.gov.[/SIZE]

Last edited by CGab; 04-01-2018 at 12:32 PM..
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Old 04-02-2018, 04:22 PM
 
Location: Chesterton
2 posts, read 1,445 times
Reputation: 10
Quote:
Originally Posted by flamadiddle View Post
You know, there's really not much for sale in the region when looking for homes in the $400K to $600K range with 1+ acre lots. Found a few, but they are dated and either corner lots or on busy roads, no thanks. The only high schools I'd consider are Chesterton, Valpo and Crown Point (maybe Lake Central, but not going to find any 1+ acre lots in Munster). So even those considering a move to the other side are stifled by lack of inventory. Sigh, you'd think builders would be ramped up by now...
have you found a home yet?
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Old 04-02-2018, 07:35 PM
 
Location: Sweet Home Chicago!
6,477 posts, read 5,537,213 times
Reputation: 9155
Quote:
Originally Posted by TheDaver View Post
have you found a home yet?
No, if we're going to go through the pain of moving again, all the stars must align. Keeping a close eye on the NWI market for now...
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Old 05-15-2018, 12:25 PM
 
Location: Saint John, IN
11,584 posts, read 5,897,836 times
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I saw this property and thought I'd post it. It's over your budget and would need some updating, but maybe that could be used to negotiate. It's on 20 acres, 7k sq ft house and in Lake Central School district as it's minutes from St. John. Not far from expressway. Taxes are $5,947 which I think is low considering the size of the home and lot!


https://www.realtor.com/realestatean...-65568?view=qv




This one is nice too, also in Crown point but with Crown Point schools which are rated a 10. On almost an acre with a built-in pool and on a lake. Taxes, $5,1457.


https://www.realtor.com/realestatean...-75954?view=qv

Last edited by CGab; 05-15-2018 at 12:34 PM..
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Old 05-18-2018, 09:26 AM
 
Location: Saint John, IN
11,584 posts, read 5,897,836 times
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Here's another in Dyer for $610K, 20acres.




https://www.realtor.com/realestatean...-38692?view=qv
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Old 06-11-2018, 05:04 PM
 
Location: Sweet Home Chicago!
6,477 posts, read 5,537,213 times
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Stumbled upon this one, but zillow didn't list taxes for some reason. A little digging turned up a $16K tax bill w/homestead exemption for a home that has an asking price of $699K and a zestimate of $698K. Seems like they have him way overvalued.... Is that their way around the "cap"?

https://www.zillow.com/homes/for_sal...au4d&3col=true

http://lowtaxinfo.com/lllow/PATI/Por...4882&year=2018
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Old 06-11-2018, 06:41 PM
 
Location: Saint John, IN
11,584 posts, read 5,897,836 times
Reputation: 14778
Quote:
Originally Posted by flamadiddle View Post
Stumbled upon this one, but zillow didn't list taxes for some reason. A little digging turned up a $16K tax bill w/homestead exemption for a home that has an asking price of $699K and a zestimate of $698K. Seems like they have him way overvalued.... Is that their way around the "cap"?

https://www.zillow.com/homes/for_sal...au4d&3col=true

http://lowtaxinfo.com/lllow/PATI/Por...4882&year=2018


Hi flamadiddle! Zillow does have the tax history listed for that property:

YearProperty taxesChangeTax assessmentChangeMore Less Click on "Price/Tax History", then Tax History.


So this is what I see. The property is valued at over a million so technically the tax cap would be at $10k. But the bill is showing a referendum. For for the schools I'm assuming. Those are voted on by the residents which is separate from the 1% cap as the voters can vote no. There is also a big tax increase from 2013 to 2014, so I'm assuming that's when the referendum went into affect. And it usually has a cap of the amount of years, but maybe the voters in the town voted to extend it? At any rate, that's what it is. At 2.5 acres and almost 7k sq ft, I think the home is selling WAY under market value IMHO. A house like that in Illinois would probably have taxes that are double!


FYI............I know you're looking for land, but there are many homes in NW Indiana that are in the $600k price range that have taxes around $6-7k. Here's an example, the home is listed for $730k and the taxes are $7500 a year. It's in a very affluent neighborhood, Lake Hills in St. John. It does not have the land though, but just showing you an example for tax purposes.

https://www.zillow.com/homes/for_sal...ct/12_zm/1_fr/?

Last edited by CGab; 06-11-2018 at 07:07 PM..
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Old 06-12-2018, 08:41 AM
 
435 posts, read 386,267 times
Reputation: 511
Quote:
Originally Posted by flamadiddle View Post
Stumbled upon this one, but zillow didn't list taxes for some reason. A little digging turned up a $16K tax bill w/homestead exemption for a home that has an asking price of $699K and a zestimate of $698K. Seems like they have him way overvalued.... Is that their way around the "cap"?

https://www.zillow.com/homes/for_sal...au4d&3col=true

http://lowtaxinfo.com/lllow/PATI/Por...4882&year=2018
Looks that the assessor office has an inaccurate assessment based on the listing price, if it does indeed trade within 5 to 10 percent of the asking price after being marketed for a sufficient amount of time.

After it trades you fill out a tax appeal so that the assessed value can be corrected to more accurately reflect the market value of the home. Also, it appears that for this home there is personal property being assessed which would not be the case unless you are officially running some sort of business out of the home.

The example that CGab provided is good in that it demonstrates that you can get the assessed value lowered substantially if a sales price is well below the assessed value. That property traded in 2013 at $665K and thus the assessments were reduced significantly to reflect the true market value of the property.

Hope that helps!
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