FORT WAYNE, Ind. (WFFT) - People across the area are getting sticker shock as they look at their home's assessed value.
Assessed values are adjusted every year to be used to determine the next year's taxes.
"The market is good. Homes are selling for top dollar," said Stacy O'Day, Allen County assessor.
O'Day said assessed values in Indiana are directly tied the market value of your home.
Right now home prices are going up.
"It is a very strong housing market right now. I've never seen the values go for what people are selling them for," she said.
Realtors across the area say that's because there are just simply too many people wanting to buy houses.
In 2018, 11,544 homes were sold in Allen County, which is up significantly from 2010 when 8,754 homes were sold.
"The bidding war mentality definitely drives up values in a pretty natural way," said Patrick Gillian, a broker at the Antrium Group.
Gillian said the market in Fort Wayne has changed with the city.
"Fort Wayne is a place where maybe more people are inclined to stay in the past years," Gillian said.
This matters because assessed values is the base to determine how much people will owe in property taxes.
O'Day's said the auditor's office has lowered the tax rate as assessments go up. The total taxes paid are up because those values are up.
However, those numbers change with the market.
"When this market does turn around, that annual trending will be reflective at that point as well. You will see the values come down to the market," said O'Day.
If you feel your assessed value is too high, you can appeal it by June 17.
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