Real estate experts talk on assessments

TERRE HAUTE, Ind. (WTHI) - What would you do if you property value jumped up $50,000? Well, last week that was a reality for some in Vigo County.

For the first time in nearly a decade, state officials ran a full reassessment in property values. That meant that many got assessments that were radically different than in years past. Right now, that number is just that, a number. However, if you're looking to sell your house, it could mean something, at least down the line.
     
News 10 spoke with Troy Helman. He's the president with Coldwell Banker in Terre Haute. {SOT}
     
"When people get that value in the mail, that doesn't reflect what their home would sell for. So don't stress, either way. If it went down, don't stress out, but if it went up, don't jump for joy either, because it doesn't necessarily mean a market value," Helman said.
     
However, Helman said that if your property taxes go up, or down, as a result of your assessment it could make a future sell tough. He said it's important to look at the overall assessment and not just your property or land value separately.