Property Tax Circle Jerk
Indianapolis metro area residents will pay a steep price in property tax increases, and not only homeowners and businesses will shoulder the burden. Apartment dwellers will feel the pinch too, even though they possess no property and often prefer it that way.
Nevertheless, they will be victims of the tax hike just as their home owning brothers and sisters are, and maybe even more so, because the taxes they pay will be used to improve areas owned by their landlords, who will remain long after the paying lessees have moved on.
Estimates are that the rental increase will be the largest in five years. While there is not yet enough data to accurately predict the average bump in rent, there are early indications as to what might occur.
Alex Jackiw, president of Monon Place’s owner, Buckingham Management estimates that there will be a $100 per month increase if the full amount is passed on to renters.
Taxes on Riverchase Apartments in Wayne Township has already risen 20% from last year.
Does all of this mean that landlords stand to make the biggest profit on this disaster? Not necessarily. Many tenants will consider moving to a more tax-friendly county to avoid the excessive increases, and this is an area that already has 10% vacancy.
Definitely, nobody wins in this situation; owners, renters, business, nobody. We will all be sucked dry to pay for our “booming economy.”
Although some apartment owners will actually see a decrease in property taxes, the one thing lodgers can count on is a rental increase. No owner has ever said, “Let’s give the tenants a break.” The more likely scenario is “Let’s let them think we got stiffed too, and make a profit on their backs.”
There are 2 Comments to "Property Tax Circle Jerk"
Dear Manfred,
This has got to take the cake! The gummint raises taxes and you find a way to blame the property owners.
Regards,
Roy
Huh? I’m not blaming the owners, just pointing out that renters will be stiffed along with them in order to make up for their losses.
If you refer to my last paragraph in particular, then yes, there will be some unscrupulous owners that will take advantage of the unfortunate situation. There are always vultures in any business. Sorry for the misunderstanding.