Some of the largest jumps in the county were in Westfield Washington Township, where residential assessed values increased 12.34 percent, and Noblesville Township, where those values grew 8.34 percent. The assessed value of residential properties in Carmel grew 6.45 percent in the last year, with commercial assessments rising 1.95 percent. Homes sold nearly 60 percent faster last month than a year ago. Tucker Co, the average sale price for a Carmel home in April was $507,671, an increase of 22.3 percent compared to April 2020. My guess would be we will start to see a correction in the fall, but who knows, because no one really expected this.”Īccording to F.C. “I’m not sure any of us really know how long (it will last). I’ve been in business 25 years, and I’ve never seen anything like it,” he said. “I don’t think any of us really expected it to last this long, this strong. Keith Albrecht, a Realtor with Re/MAX Elite Properties, said those in his industry have also been surprised by the longevity of the hot housing market. The housing industry was still gangbusters last year.” “We keep thinking it’s going to level out, and I thought maybe COVID would slow it down, but it didn’t. “I’ve been doing this for a long time, and I’ve never seen the values like this before,” she said. The annual review is a market-driven process, Ward said, and in the last couple of years her office has had trouble keeping up with the hot real estate market. The county takes a closer look at a rotating quarter of the properties in the county each year through cyclical reassessments to ensure existing records about each parcel are correct, but those properties are subject to the annual adjustment as well. Ward said her office annually looks at home sales in each neighborhood during the previous year to assess values for the neighborhood as a whole. The Hamilton County Assessor’s Office is responsible for assessing property values - and thus tax bills - each year. ‘I’ve never seen values like this before’ For example, the City of Carmel tax rate for 2021 is 78.77 cents per $100 of assessed value, the same as 2020. Higher property tax bills do not mean the tax rate has risen. “Nobody says, ‘Hey, Robin, I need this much money for the budget,’” said Robin Ward, who has served as the Hamilton County assessor since 2011.
But determining assessed values lies solely in the hands of the county assessor’s office. Most local taxing units, such as cities, townships and school districts, receive a large chunk of their funds through property taxes.
While this may be welcome news for those looking to sell their home soon, for residents staying put it likely brings to mind something else: a higher tax bill.
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