Dear Councillor:
Your assistance is respectfully requested surrounding the pressing financial hardship that
property taxes have placed on me and other property owners in your district. It has
reached the point where the cost of ownership, including mortgage payments,
maintenance and updating costs, and excessive property taxes, is prohibitive. We are
being taxed right out of the "American Dream"
As a financial diversification measure, I also purchased residential rental property in your
district with an objective to have at least a nominal positive cash flow. The initial analysis
met that objective. However successive increases in taxes have wiped out any positive
cash flow and I am now funding costs each month out-of-pocket to cover the negative
cash flow. It is not feasible to pass along a $50, $100, or $200 rent increase to cover the
huge property taxes billed. To do so would only drive tenants away, leaving a vacant
property with an even more disastrous financial situation. Besides, the soft rental market
also mitigates rent increases. Don’t forget, we absorbed higher taxes in previous years
also. The increases are compounding!
The excessive spending by the city and local government has resulted in an increased
appetite for more tax revenue. Notwithstanding the inequities between residential and
commercial property assessments that have been highlighted recently in local press, I
fear that many property owners will be forced to liquidate their property to avoid
foreclosure or seizure from unpaid taxes. Please understand the impact that will have on
the city.
There are already more than 5,000 abandoned homes in Center Township! Imagine many
more homes being abandoned in Center and surrounding townships because of the
excessive tax burden. Property owners cannot even sell their property because no buyer
wants to be saddled with such high taxes. Even with escrowed taxes and insurance, it is
very burdensome to add $400 - $700 per month to a monthly mortgage payment for
property taxes! A buyer will likely choose to live elsewhere with lower taxes and more
house for the money. This leaves current owners with the inability to even sell their home.
Market values are being driven down further by excessive taxes. Indianapolis will become
a ghost town.
To compound matters, income property also does not receive the mortgage and
homestead exemptions that all other residential property receives. Yet, from a business
perspective, the city grants many incentives to "commercial" businesses in enticement to
stay, or to move to Indianapolis under the umbrella of mitigating lost jobs, or to create new
jobs for the community. Property investors often attempt to purchase property, invest in
renovations and improvements, then sell or rent the improved property. The improvements
serve to enhance the neighborhood and improve property values. Yet, there are no breaks
for property investors.
I am a member of the Northern Indiana Real Estate Investors' Association. I have lived in
the Allen County area for many years. However, I am appalled at the unbridled spending
and lack of accountability by local government officials, combined with a piling on of taxes
onto the property owners. I will marshall all resources available and support our
association, along with the Apartment Owners' Association, and other groups to
adamantly fight for change in tax revenue methods and/or change in elected officials. I
respectfully request your active participation in seeking solutions to this very serious
dilemma and request further that you seriously consider immediate relief to all property
owners by the reduction/elimination of taxation on residential property as well as seek
revenue from other sources such as sales and use taxes.
Sincerely,
Your assistance is respectfully requested surrounding the pressing financial hardship that
property taxes have placed on me and other property owners in your district. It has
reached the point where the cost of ownership, including mortgage payments,
maintenance and updating costs, and excessive property taxes, is prohibitive. We are
being taxed right out of the "American Dream"
As a financial diversification measure, I also purchased residential rental property in your
district with an objective to have at least a nominal positive cash flow. The initial analysis
met that objective. However successive increases in taxes have wiped out any positive
cash flow and I am now funding costs each month out-of-pocket to cover the negative
cash flow. It is not feasible to pass along a $50, $100, or $200 rent increase to cover the
huge property taxes billed. To do so would only drive tenants away, leaving a vacant
property with an even more disastrous financial situation. Besides, the soft rental market
also mitigates rent increases. Don’t forget, we absorbed higher taxes in previous years
also. The increases are compounding!
The excessive spending by the city and local government has resulted in an increased
appetite for more tax revenue. Notwithstanding the inequities between residential and
commercial property assessments that have been highlighted recently in local press, I
fear that many property owners will be forced to liquidate their property to avoid
foreclosure or seizure from unpaid taxes. Please understand the impact that will have on
the city.
There are already more than 5,000 abandoned homes in Center Township! Imagine many
more homes being abandoned in Center and surrounding townships because of the
excessive tax burden. Property owners cannot even sell their property because no buyer
wants to be saddled with such high taxes. Even with escrowed taxes and insurance, it is
very burdensome to add $400 - $700 per month to a monthly mortgage payment for
property taxes! A buyer will likely choose to live elsewhere with lower taxes and more
house for the money. This leaves current owners with the inability to even sell their home.
Market values are being driven down further by excessive taxes. Indianapolis will become
a ghost town.
To compound matters, income property also does not receive the mortgage and
homestead exemptions that all other residential property receives. Yet, from a business
perspective, the city grants many incentives to "commercial" businesses in enticement to
stay, or to move to Indianapolis under the umbrella of mitigating lost jobs, or to create new
jobs for the community. Property investors often attempt to purchase property, invest in
renovations and improvements, then sell or rent the improved property. The improvements
serve to enhance the neighborhood and improve property values. Yet, there are no breaks
for property investors.
I am a member of the Northern Indiana Real Estate Investors' Association. I have lived in
the Allen County area for many years. However, I am appalled at the unbridled spending
and lack of accountability by local government officials, combined with a piling on of taxes
onto the property owners. I will marshall all resources available and support our
association, along with the Apartment Owners' Association, and other groups to
adamantly fight for change in tax revenue methods and/or change in elected officials. I
respectfully request your active participation in seeking solutions to this very serious
dilemma and request further that you seriously consider immediate relief to all property
owners by the reduction/elimination of taxation on residential property as well as seek
revenue from other sources such as sales and use taxes.
Sincerely,
LETTER
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Coming soon...
December 15th
Business and Sales Dog
student, Dick Reed will
speak about sales,
business evaluation and
"little voice management"
December 15th
Business and Sales Dog
student, Dick Reed will
speak about sales,
business evaluation and
"little voice management"
Notary Service
Why pay for a traveling
notary?
Save time by bringing your
docs to the meetings for
convenient, free Notary
service. Members Only.
Why pay for a traveling
notary?
Save time by bringing your
docs to the meetings for
convenient, free Notary
service. Members Only.
- Deeds
- Power of Attorney
- Certified Copies
- Land Trusts
- Acknowledgments
- Assignments ,...
Verify ahead of time our
Notary will be present by
sending an email to
info@NIREA.org
Notary will be present by
sending an email to
info@NIREA.org
Where else can you reach
a target of real estate
investors. Our members
are looking to build the A
team. Shouldn't you be on
their team?
a target of real estate
investors. Our members
are looking to build the A
team. Shouldn't you be on
their team?
Speak Up ...
Are You Or Someone You
Know knowledgeable in
an area of real estate?
Email and ask how to you
can speak to the investors
group, info@NIREA.org
Are You Or Someone You
Know knowledgeable in
an area of real estate?
Email and ask how to you
can speak to the investors
group, info@NIREA.org
| Trolio's Stump Removal-Lawn Service Tree care, Odd jobs, ect. FREE estimates! Tel. 260.341.0249 dnptrolio@verizon.net |
Contact State Legislators and enter your zip code to find your district legislators
Northern Indiana
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Northern Indiana
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