John G. Jefferson
White River Township
To the editor:
The assessor’s office is running a smoke-and-mirrors property tax scam. When Indiana went to a “real” value assessment of a properties value and placed caps at 1 percent for residential home owners, it created a statistical problem.
The only way the county can get more tax revenue is by raising the appraised value of the property, which is not capped. Our appraisal increased 14.6 percent year over year on our 15-year-old house with no additions or improvements whatsoever. They broad-brush subdivisions and don’t include foreclosed house values. What happened to true and accurate value assessment?
They will talk about replacement cost, which for appraisal purposes is meaningless. Replacement cost is something you agree to with your insurance company. Contrary to belief, houses are a depreciating asset.
Unless you continually upgrade to the latest and greatest features that new houses offer, buyers simply are not going pay the same price. Roofs need to be replaced, furnace and air conditioners wear out, etc. If this was not true, why does the IRS let you depreciate rental real estate property?
I would gladly sell my property for what the assessor claims it is worth. Yes, I have filed a formal challenge to this assessment.