Indiana Property Taxes — Home Value Appraisals — Make Professional Floor, Building & Landscaping Plans — Cheap Mortgage Refinance Rates
Home Value Appraisals, Property Tax Appeals
Property taxes for many going down
A measure to increase the Homestead credit -- for this year only -- is among the factors that appear to be driving down property taxes in Delaware County. By SETH SLABAUGH
MUNCIE -- It appears that property-tax relief promised by Republican lawmakers and Gov. Mitch Daniels will be felt by homeowners in Muncie and elsewhere in Delaware County this year.
"For the first time in 35 years, the average homeowner will see no increase in this year's property tax bill," Brian Bosma, speaker of the Indiana House, said last month. "There will be some local variation to this average figure, but the average homeowner increase is zero percent." For complete Indiana Property Tax article
Indiana Property Taxes Home Property Valuation Indiana Property Tax Appeal and House Appraisal tutorial for home value appraisals and how to establish the market value of residential property and pursue a winning property tax appeal.
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Home Value Property Tax Replacement Credits and Homestead Credits Property Tax Replacement Credits and Homestead Credits
The state gives local governments property tax replacement credits (PTRC), equal to 20% of taxes levied on real property (not personal property), excluding cumulative funds, debt service incurred after 1984, and some other levies.
• The credits are funded by the state sales tax and other state revenues. The Gross Levy is the name given to the levy before property tax replacement credits, and the Net Levy is the name given to the levy actually collected from taxpayers, after PTRC.
• Homestead credits are calculated after the tax payments for individual homeowners are set. The credit reduces tax payments on a homeowner's primary residence by 20%.
• Homeowners and businesses across Indiana will pay higher taxes because lawmakers acted to ease the burden on farmers. A new property tax tool called “trending” will also mean higher taxes for some property owners beginning in 2007.
• Reassessment will increase the gross assessed value of most real property in Indiana. In effect, starting in 2002 pay 2003 real property will be assessed at its market value. Your idea about what your house could sell for should be a good estimate of its assessed value. If your assessment comes in at much more than this, your property has been over-assessed. If the assessment is much less than your property's potential sale price, your property has been under-assessed.
Home Value Property Tax Exemptions
With the mortgage and standard deductions, most homeowners see $9,000 subtracted from their assessed values before the tax is calculated.
Other exemptions include:
- the Age 65 and over exemption, for older homeowners, worth up to $6,000;
- the blind or disable exemption, for homeowners, worth $6,000;
- several veterans exemptions, for property owners who are veterans, worth between $6,000 and $12,000;
- exemptions for making particular kinds of improvements to property, such as rehabilitation of old property or additions of particular energy systems (solar, wind powered, hydro-electric).
Taxpayers must apply for exemptions at their county auditor's office.
Personal income tax
• Indiana has a flat tax rate of 3.4 percent
Sales tax
• Indiana state sales tax rate is 6 percent (food and prescription drugs exempt).
• The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
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