Posted by v.
We bought a property on the southside of Indy a few years ago near Garfield Park. Our street is a relatively short street. There’s the 2100 block which is north of the park and the 2600 and 2700 blocks which are adjacent to and south of the park. We live in the 2700 block.
The county released tax data yesterday, and the data are very interesting. This information is based on assessed value which is supposed to reflect market value. The amount is before any exemptions. In our case, our assessed value is about 4% more than what we paid for our house in 2005.
I don’t have all the data crunched, but I’ve come across some interesting info. Two of the higher assessed properties on all blocks are right across the street from our house. Our neighbor to the north is assessed about $10k less than us, and our neighbor to the south is about $30k less (her house is a small two bedroom). The median value is somewhere in the low $90s. I’m missing some houses from the data so that number might change. I think I have about 2/3 of the data. Based on the data I’ve seen, we bought below the median, but our assessed value is at or right above the median.
Another thing that jumps out at me – Those properties that have been remodeled are about $20k above the median. For example, three bedroom houses like ours are mostly clustered around the median or lower if they haven’t had any remodeling. Three bedrooms with remodeling (adding a shed dormer, enclosing a porch, etc) are all clustered in the $110k area. The one across the street from us was listed for $120k two summers ago.