$4.4M in city tax breaks on track for approval – Dave Taylor – Tribune Star

Tax breaks for some significant industrial and commercial investments in Terre Haute are making their way through the approval process. The procedure requires two votes by the City Council, the mayor’s signature and action by the city’s Board of Public Works and Safety.

The public works board signed off Tuesday on property tax abatements totaling $4.4 million on $48 million in investments that businesses say will create or retain 158 jobs with annual payrolls totaling $8.2 million. Salaries would range from $42,567 to $75,000.

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Lower Property Taxes are Silver Lining for Landlords in Weak Retail Market – Esther Fung – Fox Business

In April, the Indiana Supreme Court handed Kohl’s Corp. a victory when it agreed not to review a lowered property assessment that was awarded to one of Kohl’s stores because of the growing vacancy and dropping values of other shopping centers in its area.

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If you think your business is overpaying property taxes, give us a call to find out. 219-472-8682.

Group calls for review of commercial tax assessments – Dave Taylor – Tribune Star

An outside review of commercial property assessments is the first recommendation from a group working for more efficiency in Terre Haute and Vigo County government.

A 10-member team study team chaired by restaurant owner Scott Womack released a report Wednesday charging that under-assessment is costing the city and county millions of dollars in property tax revenues.

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Decrepit Bank Highlights Pitfalls of Tax Sale System – JORDAN VANDENBERGE – TriState Homepage.com

It is just one of more than 600 properties that are up for sale at Vanderburgh County’s annual tax sale. But a century old building on Evansville’s west side is emblematic of what some describe as a broken system.

Built in the early 1900s, the former Howell Mortage Bank at 3000 Broadway Avenue has been a frequent flyer on the county’s tax sale list. According to property records, it has gone unsold at the annual tax sale every year since at least 2013. It has had five different owners — many of whom are limited liability companies — in the past decade.

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Downward trend: Predicting base rate of farmland for property taxes – Larry DeBoer – Reporter.net

The late, great George Carlin had a routine about a weather forecaster.

“The forecast for tonight: dark. Continued dark throughout the night, with scattered light in the morning.”

Some predictions are easy.

Predicting the base rate of farmland used to be easy too. The base rate is the starting point for setting the assessed value of farmland for property taxes. The Indiana Department of Local Government Finance recalculates it every year with a capitalization formula. They divide measures of farm income by a rate of return. The base rate for taxes this year is $1,960 per acre.

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Property tax fiscal cliff focus of forum – Jeff Parrott – South Bend Tribune

SOUTH BEND — A group focusing on economic justice issues plans to lobby the South Bend Common Council to start requiring businesses that receive property tax breaks to pay workers at least the minimum wage earned by city employees.

That’s one of several proposals that Marty Wolfson, a retired University of Notre Dame economics professor, wants local elected officials to embrace as they struggle to maintain services in the face of declining property tax revenues over the next three years.

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St. Joseph County leaders push assessor to cooperate with property tax study – Ted Booker – South Bend Tribune

SOUTH BEND — St. Joseph County commissioners are pushing the assessor, Rosemary Mandrici, to cooperate with a property tax study, with one even threatening part of the funding for her office.

The conflict comes as only three months are left on the year-long, $125,000 taxpayer-funded study of property assessments led by enFocus, a South Bend consulting firm that specializes in data analysis.

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Predicting the Base Rate of Farmland for Property Taxes – Larry DeBoer – cattlenetwork.com

The late great George Carlin had a routine about a weather forecaster. “The forecast for tonight: dark. Continued dark throughout the night, with scattered light in the morning.” Some predictions are easy.

Predicting the base rate of farmland used to be easy too. The base rate is the starting point for setting the assessed value of farmland for property taxes. The state’s Department of Local Government Finance (DLGF) recalculates it every year with a capitalization formula. They divide measures of farm income by a rate of return. The base rate for taxes this year is $1,960 per acre.

Read more…