INDIANAPOLIS -- Indiana's property tax crisis is steering homebuyers away from purchasing homes, causing properties to sit on the market for an unusually long time.

Escalating property taxes put a dent in financing for some people wanting to buy, and turn off others who are considering purchasing a home, 6News' Ericka Flye reported.

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Capitol WatchBlog: Fixing The Property Tax Crisis

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The Hoffmans have their boxes packed and ready to go. They had a buyer for their Indianapolis condominium on Massachusetts Avenue, until Tuesday.

"They made an offer and we were all set, and then we got the tax bill last week," Jessica Hoffman said. "Looks like they were for much more than they were budgeting for."

Hoffman said the tax bill on the condo went from about $300 every six months to just over $900.

"Some of the transactions that we currently have under contract are, as we say, blowing out," said Kurt Flock, of the Flock Real Estate Group. "The buyers no longer qualified for their financing, so they're terminating purchase contracts."

Flock said the news isn't all bad, because he expects property owner outrage will get something done about exponentially higher assessments.

"It is so bad, and it's impacting people in a way much greater than it did a couple of years ago," Flock said. "Something's going to get done about it. People are rising up. There's a huge outcry."

The Hoffmans are trying to stay optimistic, partially because they have a lot at stake.

"We've got an offer in on another house. So now that will put that back, and we've already done a bunch of work," Hoffman said.

Flock said he is confident sellers will eventually find buyers for their homes, but they might have to slash prices to do so.