If you’ve bought food over the past four years — and, well, who hasn’t? — you know how prices have increased.
And if you’ve tried to buy a home over the same period, you know what was true with corn flakes is also true for every “hidden gem” or “cozy charmer” on the market.
Those home values will become ever more real for homeowners over the next few weeks as the office of Hamilton County Assessor of Property Marty Haynes sends out reappraisal notices.
The reality, according to the assessor, is that local home values have risen 60% and commercial property values have jumped around 50% since the last appraisal in 2021. Taken together, the approximate 55% climb in values is the largest since reappraisals began in the county in 1989.
If that’s enough to make you want to lose your breakfast imagining what’s coming on your property tax bill, take heart. Haynes says about two-thirds of homeowners will see their property tax stay the same or go down. Of course, that means about a third will see their taxes rise, particularly in areas where the property has been undervalued.