Most property owners in Hamilton County have seen an increase in assessed values the last few years – leading to higher property tax bills.

The Hamilton County Assessor’s Office is responsible for determining property values annually. According to Hamilton County Assessor Kevin Poore, who has held the office since January 2023, assessments are “initially based on square footage and property features using a cost approach to value.” The sale price of similar or nearby homes is considered, as well.

“We use (the) base value information to compare sales data as assessments are required to reflect market value,” Poore said. “The assessor’s office evaluates neighborhood by neighborhood, comparing sales from within each neighborhood to their current assessments. If the assessed values are below the market value sales we are seeing in the neighborhood, we are required to factor the assessments to reflect that sales data. This analysis is done on an annual basis.”

Since last year, Poore said values have “somewhat leveled out” but are continuing to rise.

“Over the years, we have still shown a change of about 4 percent (increase) in Hamilton County,” Poore said. “It really varies depending on the price point, subdivision or even the area of accounting. Some neighborhoods may go up more than others.”

In 2021, then-Hamilton County assessor Robin Ward told Current she’d “never seen values like this before” and thought the COVID-19 pandemic would slow things down, but Poore said time has shown values are “still pushing higher.”

“I certainly think interest rates have slowed the market down in terms of price points,” Poore said. “You have less supply and fewer people looking to sell their homes right now because they don’t want to deal with a higher interest rate. Because of that, demand is high, and if nothing else, values are flat, if not still slightly increasing.”

Since 2019, countywide total assessed values including residential, commercial, industrial, agricultural and exempt parcels, have risen 57 percent. Poore said that nearly all cities in the county are trending toward rising assessed values.

“I don’t know that it’s hotter in any one particular area than another,” Poore said. “I think in the past, when we looked at it from township to township, they’ve all been fairly consistent within a couple of percentage points.”

According to the MIBOR Realtor Association, home prices in Hamilton County in early 2024 were 2.7 percent higher than the same time in 2023. In the previous year, home prices rose more than 13 percent.

In Carmel, the total net assessed value of property in the city grew by more than 14 percent in 2023. This year, it grew by 7.9 percent.

Although some of the growth in assessed value in Carmel is because of new and redeveloped properties coming online, many homeowners have seen their property tax bills – which are calculated based on the assessed value of the property – jump year after year. The City of Carmel, one of several taxing units that receive property taxes from Carmel residents, hasn’t raised its property tax rate in several years. But Carmel Mayor Sue Finkam said she realizes that higher property tax bills are impacting some residents.

“We understand the financial burden that rising assessed values place on many taxpayers,” Finkam said. “That’s why we have prioritized measures to control our expenses and ensure we are excellent stewards of taxpayer dollars. We are committed to helping find ways to alleviate these pressures while still delivering essential services to our community.”

Last year, Poore said the assessor’s office saw a “record number of appeals.”

“Last year, we had nearly 2,500 appeals, which is 700 or 800 more than we had the previous year,” Poore said. “The first week here this year was really busy, and we have had a fair number of people waiting to file appeals.”

Assessments for property owners were mailed through the Hamilton County Assessor’s office April 30. The deadline to file an appeal is June 17. Learn more at hamiltoncounty.in.gov/404/Assessors-Office.