In this week we are talkin’

  • Property Taxes Referendum (Tomorrow!)

  • 60 Second Market Update

  • Deals of the Week

  • Roots Podcast with Ivan Barratt of BAM Capital

  • Two Events Coming Up

  • Personal Note

The Big Story: Your Property Taxes on the Ballot

WTHR - Facebook Post

Your Property Taxes Are on the Ballot
 

The Big Story

Your Property Taxes Are on the Ballot Tuesday

Election Day is Tuesday, Nov. 3. Whatever you think about the big races, the most direct hit to your wallet may be further down the ballot. A record 38 Indiana school districts are asking voters for tax referendums this year, and a lot of them are right here.

Why so many referendums this year?

In 2025, Gov. Mike Braun signed Senate Enrolled Act 1, the state's big property tax relief law. It raised homestead deductions and created a new homestead credit of up to $300 for homeowners. That's real savings on your bill, but it also means less property tax money reaches local schools. The Indiana Fiscal Policy Institute estimates districts statewide will be short about $338 million in previously projected funding by 2028.

The same law also limits school referendums to general elections in even-numbered years. So districts that need to make up the gap had to get on this November's ballot or wait until 2028. That's why the list is so long.

Why this matters to homeowners

Indiana caps property taxes at 1% of your home's assessed value. Referendum taxes are the exception. If voters approve one, it's added on top of the cap. Schools are also one of the biggest drivers of home values, so the outcome affects both your tax bill and what your home is worth.

What's on the ballot around Indy

District The ask What it means for you
Wayne Township Increase (expected rate $0.60, max $0.70) About $199 more a year on a $200K home. If it fails, the district projects a $20M shortfall.
Washington Township Renewal at the current $0.25 rate Little change if it passes. On a $300K home, your bill would drop about $351 if it fails.
Decatur Township "Reduce and replace" (max $0.269, down from about $0.289) Your rate could actually go down if it passes.
Hamilton Southeastern Replace the 2023 referendum (max $0.36, up from about $0.20) The district estimates about $3 a month more for the median homeowner.
Noblesville Renewal (current one expires end of 2026) Check the district site for details.
Carmel Clay, Westfield, Sheridan Operating referendums Check your district's site.

IPS, Beech Grove and Zionsville have referendums on the ballot too.

My Take

I get the sensitivity around property taxes. I pay nearly $10,000 a year on a property I own, and the rates seem to keep going up and up.

But look at the numbers. For most individual owners, these changes are pretty small: a few dollars a month in some districts, and closer to $17 a month in Wayne Township. For the schools, the ripple effect is huge. It's the difference between keeping teachers and programs or cutting millions from the budget.

Good schools hold up property values over the long haul. Buyers pay for them, and districts making deep cuts feel it at resale. So I look at this as an investment in your community, and in your home. Whatever you decide, read past the headline for your district. "Renewal" and "increase" are very different asks, and in Decatur's case a yes vote could actually lower your rate.

Not sure what your home is assessed at, or what this means for your bill? Hit reply and I'll help you figure it out.

Quick Hits — other noteworthy developments impacting Indy RE

The Market 60 Seconds — Indiana Home Sales Hit a Soft Patch this Fall

Source: IAR Housing Hub

  • Around the state (September sales, year over year, estimated from the map):

    • Marion (Indianapolis): down about 10%

    • Hendricks (Brownsburg, Avon): down about 10%

    • Hamilton (Carmel, Fishers): roughly flat

    • Johnson (Greenwood): roughly flat to slightly down

    • Boone (Zionsville, Lebanon): up sharply, one of the strongest counties in the state at roughly +20%

    • Hancock and Morgan: modestly up

    • Lake (Hammond, Gary): down about 15%

    • Allen (Fort Wayne), St. Joseph (South Bend), Vanderburgh (Evansville): slightly down

  • Why sales slowed: Rates. The MBA’s purchase application index, which tracks people applying for mortgages to buy a home, was running about 18% below last year in late October. Some of that is normal, because applications drop every fall and they dropped last fall too. But even after you account for the seasonal dip, this October is well behind last October. The rate spike to 7.40% in mid-October hit buyers right when they were applying.

  • Now the good news:

    • Rates have fallen two weeks in a row, to 7.24% (Freddie Mac). That’s the lowest of the month.
      The 10-year Treasury has dropped below 5%. Mortgage rates follow it closely.

    • Sub-7% is back on the table. HousingWire’s Logan Mohtashami says that if the 10-year breaks below about 4.70%, rates under 7% become realistic (Source: HousingWire). The math is simple: mortgage rates are roughly the 10-year yield plus a “spread.” That spread is about 2.21% right now, well above its usual 1.60% to 1.80%. If the spread just gets back toward normal, rates could drop even if the 10-year doesn’t move.

    • The midterms are almost behind us. Markets don’t like uncertainty. Once the election is decided, whichever way it goes, investors get a clearer picture of policy, and that can calm Treasury yields. Lower oil prices or calmer news overseas would also help.

    • My take: The slowdown in sales is a rate story, not a demand story. People still want to buy in Indy, and the minute rates broke lower, applications ticked back up 4% week over week. If we get sub-7% rates this winter, I expect buyers to come off the sidelines fast.

    • That’s exactly why now, with more inventory and less competition, is a good time to get ahead of the crowd.

    • Want to know what rates in the 6s would do to your budget? Hit reply and I’ll run the numbers.

  • I love the graph below from Indy RE Newsletter, showing price cut data for this time of the year:

Nov / Dec is Decision time for Sellers - Credit: IndyRE Newsletter by Ken Fletcher

Housing Affordability & Mortgage Insurance (PMI) Updates

A new housing bill signed by President Trump last Thursday focuses on housing affordability. While earlier discussions emphasized increasing housing inventory, the current approach has shifted toward affordability measures involving mortgages and potentially title-related processes.

  • The President has directed Fannie Mae and Freddie Mac to pilot the use of automated valuation models (AVMs) to help identify homeowners who may qualify for mortgage insurance removal.

  • Private mortgage insurance (PMI) allows buyers to purchase homes with less than 20% down. Under existing conventional loan rules, PMI can generally be canceled when certain equity requirements are met, with automatic termination typically occurring at 78% of the home’s original value under qualifying conditions.

  • The proposed approach aims to help homeowners benefit from increased property values and potentially accelerate the process of removing PMI. The median downpayment in 2026 was 13.7% so this would affect most buyers, in the future (CNBC).

  • According to HousingWire reporting, the approach could eventually affect roughly 40% of existing U.S. homeowners. This would not happen immediately, and eligibility would depend on individual circumstances.

  • My Take: Current homeowners do not apply to these changes; it is no relief to current homeowners. I think these programs show promise for payment & closing cost relief, in time. For now, it’s a blip on the map. Housing is currently becoming a major bipartisan issue and will continue to be front and center in politics for some time. That will be interesting to watch.

Does putting more down get you a lower payment? The answer: Sort of. Source: Realtor.com

Deals of the Week

  • OFF-MARKET soon to be listed: 607 E 50th St. | Meridian-Kessler

  • This home is currently running as a medium-term rental fully-furnished

  • The asking is only $200,000, but it does need a hefty sewer job which we have details on. ARV sitting around $315-350,000

  • To be listed by Roots Realty Co.

  • 1340 N Park Ave | Old Northside — Asking $1.59M

  • 5 Units — Currently producing $11,110 / month (one unit vacant)

  • $94,049 pro forma NOI, 5.88% projected cap

  • Listed by Roots Realty Co.

  • 2617 E Saint Clair St. | St. Clair Place Indianapolis

  • Duplex — ea side 3 bed, 1.5 ba, fully renovated

  • Rental estimates at $1600-1700 / side

  • Listed by Landon Buesching

  • 4057 Broadway St. | Meridian Kessler Indianapolis

  • Asking $420,000

  • 3 bed, 2 bath in Meridian Kessler for this price - a deal for sure for a lucky homeowner to be

  • Listed by Keller Williams

  • 1402 S Alabama St. | Old Southside

  • Asking $299,900

  • Fully furnished active STR, grossed $47K last year

  • Listed by Roots Realty Co.

Shoot me a message if curious here on any of these or if you want a property featured potentially!

What’s your Equity Position?

Find out what your current home value is, current equity position, and get a no-nonsense monthly email tracking your home’s value over time.

Use it myself and I love the monthly quick update.

Homebot

Buyer Market Report?

Understand your buying power in a specific market, check out how quickly homes sell in a particular neighborhood, track market movement where you’re looking.

Homebot

Roots Podcast of the Week

We sat down with Ivan Barratt, CEO & Founder of BAM Capital. Ivan’s story is truly incredible. He’s a Broad Ripple guy born & raised. He started by managing / BRRRRing Triplex, Duplexes, etc and scaled into syndication taking down apartment buildings all over the nation. He’s still in Indy and kicking it in Carmel, IN! This episode has been cranking.

Roots Events Coming Up

November Coffee & Connect with Roots

Indy's top morning real estate and entrepreneur meet-up. Coffee, Chick-Fil-A, and community growth all before the workday starts!

Eventbrite

December Real Estate Masterclass | Roots Realty Co.

Indy’s best real estate masterclass. All are welcome | Connect, learn, and grow with the Roots community

Eventbrite

Thanks for the read!

This week I’m heading down to St. Meinrad for our annual Silence & Solitude Retreat. I’m going with my partner Max Moore and other friends. It is one of my favorite places in the world. Old world charm, autumn leaves, quiet. Expectant to hear from the Lord.

St. Meinrad, Indiana

I hope you get rest in this “down season” and replenishment. Although the market has been slower my conviction in Indianapolis, the people here, and the community Roots has been building grows stronger day by day.

In the long run, there is no doubt.

—

If you got any value out of this, share it to a friend! It helps the publication a lot.

If you’d like to connect with me personally you can do that here.

If you’d like to get in touch with an agent on our team Roots, you can do that here. We serve buyers, seller, investors in the Indianapolis area, but if you need a realtor somewhere else in the nation you can get a referral here.

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