How Have Prices Changed in Your Neighborhood?

March 27, 2024, 2:42 p.m. Deep dive

Using MLS sales and price data, we’ve created a statewide map showing home price changes through 2023 in half-mile ‘neighborhood-scale’ areas. This is a great way to see how property values are changing if you are considering buying or selling a home – but for current homeowners, it’s also a way to evaluate the accuracy of 2024 property tax assessments. Learn more:

Indiana has a market-based property tax system; the assessed value of a home should be in line with its potential sale price. Homeowners are sometimes surprised by assessments that rise or fall with the real estate market even though they’ve made no renovations or improvements to their property. Local assessors use home sales data from the previous year to determine an annual adjustment for properties in a particular neighborhood. These ‘trending’ adjustments are supposed to help property assessments reflect the market.

For example, if homes that changed hands in your area last year sold for an average of 4% more than their 2023 assessed value, the assessor will adjust your (and your neighbors’) property values up by 4% to help determine 2024 assessed values.

Because Indiana property taxes are paid in arrears, 2025 tax bills are based on these 2024 assessments. (And because of Indiana’s constitutional tax caps, tax bills generally can’t be higher than one percent of assessed value for primary residences.)

Property assessments raise a lot of questions – like what is a “neighborhood?”

If a home wasn’t on the market recently and hasn’t been physically inspected, the trending adjustment may be the major factor in changing assessed values.

But assessors use broad guidelines in defining ‘neighborhoods’ with comparable properties; home prices can change dramatically from block to block, and market trends don’t neatly follow the boundaries of taxing districts.

REALTORS® are experts and advocates who can explain the basics of the property tax system to their clients and help them understand if their assessment truly matches the market. One way to help homeowners evaluate their assessment is simply asking, “Would you list (and sell) your home for that price?”

Mapping property value changes

We’ve provided a new tool to help. Clicking below opens a statewide map divided into uniform half-mile blocks, color coded by the average change in price-per-square foot in homes sold in that area from 2022 to 2023.

This is an objective look at price trends through 2023 across all MLS transactions in compact, consistent geographic areas, which could be a useful comparison to the annual trending adjustments used in 2024 property assessments.

Open Price Appreciation Map

Using this tool

Step 1: Search for your address.
Enter your address in the search bar. The map will zoom to the area around this address.
Step 2: Select your neighborhood and view price change.
Click or tap the area around your address. The change in price per square foot from 2022 to 2023 will show on the screen.
Step 3: Check for low number of sales.
In areas with fewer than five sales in each of the last two years, price data may not be reliable.
Step 4: Compare your Indiana Form 11 or a TS-1 assessment notice as part of the 2024 tax bill tax bill.
Homeowners will receive a Notice of Assessment of Land and Structures (Form 11) from their county assessor; compare the 2023 and 2024 assessed values and read through any notations under the “Reasons for Revision of Assessment” section (sometimes “Annual Adjustment” will be specified here).
Step 5: Consider your options.
If the change in assessed value is higher than the price per square foot change provided by the mapping tool, and you haven’t made improvements to your property beyond routine maintenance, you may consider your right to appeal your assessment.

Next Steps:

Go deeper

More reading Read 2023 Annual Wrap-Up Report Monthly Price Report Link Property Assessments 101 Fact Sheet