MERRILLVILLE | Area Realtors explained the ins and outs of Indiana's property tax relief legislation last night. The Greater Northwest Indiana Association of Realtors hosted a free seminar explaining HEA 1001, the name of the tax relief legislation, to the public at the Radisson Hotel at Star Plaza.

Along with area Realtors, Valparaiso Mayor Jon Costas, Hammond Mayor Thomas McDermott Jr. and a number of area state senators and representatives spoke about the legislation.

"We're doing it because people know something has happened in terms of property tax relief but don't know exactly what," said Peter Novak, CEO of the Realtors group.

"We've had several years of uncertainty with property taxes in Northwest Indiana, and now something has been done, but it is not as easy to understand as people would hope."

Novak said the uncertainty of the property tax situation in the region has made the last few years very difficult for Northwest Indiana's Realtors.

"It has affected us a lot," Novak said. "We have a lot of people on the bubble thinking about buying a house, but they don't know what the taxes on the house will be."

It is Novak's hope that by explaining the property tax legislation, area Realtors will be able to give a boost to the local market.

Schererville-based Realtor India Castaneda has a great deal of experience with how that property tax situation has affected the local housing market.

Castaneda recounted the story of a Chicago man and his brothers who invested $60,000 each into an 11-unit apartment building in Northwest Indiana.

When they bought the building, property taxes were $8,800. The taxes went up in just three years to more than $33,000. The brothers are facing the possibility of foreclosure.

"This kind of thing has made it very hard," Castaneda said about selling real estate in Northwest Indiana. "It's not just the property taxes. Because of the reforms that have been made in lending, it is hard to find qualified buyers now."